Company registration number 03606174 (England and Wales)
NICHOLAS ASSOCIATES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NICHOLAS ASSOCIATES GROUP LIMITED
COMPANY INFORMATION
Directors
Mr N G W Cragg
Mr B J Allen
Mr P M Brammer
Ms KL Kendall
(Appointed 10 April 2024)
Mr Paul Smith
(Appointed 1 March 2024)
Company number
03606174
Registered office
Reginald Arthur House
Percy Street
Rotherham
South Yorkshire
S65 1ED
Auditor
Xeinadin Audit Ltd
i2 Mansfield, Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
NICHOLAS ASSOCIATES GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 25
NICHOLAS ASSOCIATES GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
Analysis of performance
The Company continues to experience high levels of competitor activity - in a labour constrained market - together with an increased cost base, which is driving down it's margins in it's traditional temporary labour market. However the business continues to mitigate the effect of this through it's complementary service offerings to it's clients.
Whilst the Director's are pleased to report that the company achieved Turnover Growth in 2023, they recognise that the other key matrices of Gross Profit Percentage & EBITDA declined & have developed a strategy to minimise the expected reductions in Gross Profit Percentage due to inflationary NMW increases, whilst growing the companies EBITDA in the medium term.
The Company's long term strategy of enhancing shareholder value through long term sustainable growth, via it's Apprentice to Boardroom offering continues to be it's core focus.
Current Trading
The business is not immune to the macroeconomic conditions which have adversely affected the global economy during 2023, with geopolitical uncertainty; sharp increases in interest rates & stubbornly high inflation, all combining to suppress demand. Nevertheless the business remains profitable; is continuing to invest & continues to believe that being an ethical, financially stable & compliant business will ensure future success.
Principal risks and uncertainties
Commercial Risks
In line with many businesses our cash flow and income fluctuates as a result of factors outside our control.
In order to minimise this risk we operate across a broad spectrum of business sectors serving a wide client base. The company continues to develop key relationships by seeking to provide value added services to our clients across all our markets.
The labour market continues to be highly competitive for both temporary and permanent business, with demand continuing to exceed supply in all our key markets.
The threat of competitors operating at unsustainable margins in order to increase market share in the short term remains a challenge, which we seek to address through championing excellence of service for all stakeholders.
Economic risk
The Company's funding is primarily provided by an invoice finance facility with Variable interest rates and as such the Company's profitability can be affected by large movements in Base Rates.
During the year the Company has experienced margin pressure from competitors across all our markets.
The costs of entry to the market are often relatively low however the requirement for increased levels of compliance by both regulators and market drivers in some sectors offer opportunities for the Company to differentiate itself.
NICHOLAS ASSOCIATES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Credit and Liquidity risk
The Company's principal financial assets are cash and trade debtors & as such the Company seeks to ensure
sufficient liquidity is available to meet the Company's foreseeable cash requirements, through regular scenario
forecasting. The company manages credit risk through the adherence to credit limits, the regular review of payment
history, debt collection targets and credit insurance facilities.
Operational risk
The Company remains committed to the training, development and welfare of its staff and recognise their
importance in the continued success to the Company.
The Company continues to be reliant on a number of technology systems. In order to minimise that risk the
business continually reviews its disaster recovery plan with particular emphasis on the ability to cope with the loss of
one of these systems. In the short to medium term the Company is also reliant upon the senior board members to
deliver the strategy of developing key client relationships through the provision of value added services.
Any further viral outbreak akin to Covid-19, would in all likelihood again cause global economic uncertainty and
adversely affect the markets in which the business operates to a greater or lesser extent.
Development and performance
Future Developments
The Company has continued to develop its management information systems in order to improve operating efficiency and to ensure the highest levels of compliance standards. The Company will continue to develop and enhance its systems and commercial offerings, in order to enhance both its and its client's sustainable profitability.
Furthermore, the company has invested in an IT Strategy which will see it move to being an early adopter of technology and to enable that ambition has appointed it's first IT Director.
Key performance indicators
2023 2022
Gross Profit Percentage 14.97% 16.22%
Current Ratio 1.26 1.14
Operating EBITDA £1,009,764 £2,477,084
Section 172(1) Statement
The Directors consider that they have acted in a way which is in good faith, most likely to promote the success of the Company and its continuing reputation for high standards of business conduct, and for the benefit of all of its stakeholders, having regard to the stakeholders and matters set out in Section 172 of the UK Companies Act 2006
Our Business Relationships
Honesty, integrity and professionalism are the core principles which drive our culture & are key to maintaining our reputation as a trusted business partner.
NICHOLAS ASSOCIATES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Our Stakeholders
Nicholas Associates Group Limited demonstrates ongoing commitment to corporate and social responsibility through our compliance policies and we recognise that meaningful engagement with our key stakeholders is integral to the company’s continued success.
Our Workforce
Our employees are our most valuable asset. Building and maintaining a people first culture is embedded in decision making across the Group, and is intrinsic to how we attract, engage and retain our employees. We have partnered with Best Companies to promote an outstanding work environment, in which all our colleagues can flourish, in order to become an Employer of Choice and constantly work to improve our Employee Value Proposition. We are committed to providing equal opportunities in all areas to all of our employees across our entire business. For the Group, diversity is achieving a rich pool of people with different personal characteristics to drive sustainable value creation borne from alternative thinking.
Our employee engagement starts prior to and during the onboarding process, all employees have the opportunity to meet senior leaders face to face in a comprehensive induction program. Employees are kept updated through quarterly virtual meetings, which are presented by the Directors, which keep staff up to date with various financial and economic factors affecting the performance of the company & future plans. Employees are actively encouraged to participate in developing the company through the Staff Forum, whose (staff elected) Chair meets with the Directors on a monthly basis to discuss our employee's ideas for improvement.
Our Supply Chains
Given the industry in which we operate, we do not have an extensive supply chain network. Our supply chains include, amongst others: office supplies including stationery, IT hardware and software, cleaning and catering services, advertising and print services, office fit-out and maintenance services, and professional services. We identify and assess the risk of potential slavery and human trafficking in our supply chains using a number of factors including the requirement for all suppliers to agree to comply with the Modern Slavery Act. We continue to publish our payment practices in line with the Reporting on Payment Practices and Performance Regulations 2017 and on average across our supply chain it takes the company 34 days to pay our suppliers with 60.8% of all invoices being paid within 30 days.
Our Candidates
Nicholas Associates Group Limited is continually seeking to improve our candidate's experience by working with our consultants & coaching them to understand the needs & aspirations of our candidates, in order to find the right job for them. We are committed to protecting our workforce from all forms of labour exploitation & modern slavery. We review, analyse & monitor data to identify any areas of concern, so we can through proactive action, minimise the likelihood of our workers being effected by these heinous practices. We ask our candidates to complete surveys following their assignments to continually improve our service.
Our Clients
Intrinsic to its long term success the business is focused on developing multi-layered, long-term partnerships with its clients. Furthermore the business is committed to supporting our customers through consultation in order to provide tailored support to their businesses as they adapt to meet their own customers’ changing needs and any impact on them from the wider macroeconomic environment.
Nicholas Associates Group Limited has both a nominated National & International Charity for whom we undertake fund raising activities. Over and above this we also encourage our employees by providing paid leave to engage in volunteer work and fundraising activities that support the issues that really matter to them personally.
Our Environment
We are committed to decreasing our environmental impact and put this into practice in several ways; we operate a Cycle to Work Scheme, we currently run an incentive to plant 4,000 trees in the UK during 2023, and are in the process of transitioning all Company Vehicles to Hybrid engines and will be instigating an EV Salary sacrifice arrangement in the near future to encourage car users to convert to fully electric vehicles.
NICHOLAS ASSOCIATES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Mr B J Allen
Director
7 November 2024
NICHOLAS ASSOCIATES GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of providers of temporary staff.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,700,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N G W Cragg
Mr B J Allen
Mr A N Boorman
(Resigned 8 April 2024)
Mr P M Brammer
Ms KL Kendall
(Appointed 10 April 2024)
Mr Paul Smith
(Appointed 1 March 2024)
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Employees are kept aware of developments within the Group through an Annual Seminar and regular briefings which include quarterly Teams Meetings where the directors update the staff on historic performance and future plans. Employee involvement is further encouraged through the Staff Forum which has a direct line of communication to the Chief Executive.
Energy and carbon report
The information below represents the company's energy use and greenhouse gas (GHG) emissions from electricity and fuel in the UK.
NICHOLAS ASSOCIATES GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
34,047
44,016
- Electricity purchased
208,874
180,036
- Fuel consumed for transport
432,080
495,819
675,001
719,871
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
6.20
8.10
- Fuel consumed for owned transport
16.00
13.00
22.20
21.10
Scope 2 - indirect emissions
- Electricity purchased
43.00
34.80
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
65.20
55.90
Intensity ratio
Tonnes CO2e per employee
Gas 0.08 Electricity 0.6
Gas 0.12 Electrcity 0.5
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per square meter, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The following energy efficiency actions have been taken over the course of the last year:
Halved office space in Rotherham
Introduction of Electric Vehicle scheme (Octopus)
Working towards securing ISO 14001 in 2024
Working towards introduction of new CRM in 2024 for improved remote working
Partnered with Green the UK to plant 8000 trees between 2022 and 2024 for carbon offset purposes
Improved monitoring procedures across the organisation
NICHOLAS ASSOCIATES GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr B J Allen
Director
7 November 2024
NICHOLAS ASSOCIATES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICHOLAS ASSOCIATES GROUP LIMITED
- 8 -
Opinion
We have audited the financial statements of Nicholas Associates Group Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2023 and of its 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 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NICHOLAS ASSOCIATES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICHOLAS ASSOCIATES GROUP LIMITED (CONTINUED)
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing
on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in
the financial statements. The laws and regulations we considered in this context relating to the reporting framework
(The Companies Act 2006) and relevant taxation compliance regulations.
In addition, we also concluded that there are certain significant laws and regulations which may have an effect on
the determination of the amounts and disclosures in the financial statements, being those laws relating to data
protection and GDPR guidelines and also Coronavirus regulations. Due to the nature of the sectors that the
company operates in, it is also required to register with, and follow guidelines set by the Gangmasters and Labour
Abuse Authority, who are the body set up to protect vulnerable and exploited workers.
We understood how the company is complying with these frameworks and regulations by making enquiries of
management and those responsible for compliance and corroborated these enquiries with reviews of board minutes
and any available correspondence with legal advisors.
We assessed that there were risks of material impact on the financial statements from irregularities, including fraud
from the overide of controls by management, timing and recognising of income and in the manipulation of the
company's key performance indicators to meet targets
NICHOLAS ASSOCIATES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICHOLAS ASSOCIATES GROUP LIMITED (CONTINUED)
- 10 -
Audit response to risks identified
We carried out procedures to respond to these risks, including enquiries of management about their systems and
controls to identify these risks of irregularities, testwork to review a sample of journal entries made during the year,
reviewing and testing assumptions made on accounting estimates for management biases and testing the timing
and recognition of revenue.
Our audit procedures were designed to respond to risks of material misstatements in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve more sophisticated acts, including concealment, collusion or
deliberately failing to record transactions through intentional misrepresentation.
There are inherent limitations within an audit, even though it has been properly planned and carried out in
accordance with auditing standards and we cannot be responsible for preventing non-compliance and cannot be
expected to detect non compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://
www.frc.org.uk/auditor's responsibilities. This description forms part of our auditor's report..
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.
Christopher Holder BA BFP FCA
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Ltd
7 November 2024
Chartered Accountants
Statutory Auditor
i2 Mansfield, Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
NICHOLAS ASSOCIATES GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
76,200,320
70,373,731
Cost of sales
(64,794,981)
(58,960,176)
Gross profit
11,405,339
11,413,555
Administrative expenses
(10,691,646)
(9,388,770)
Other operating income
143,332
177,078
Operating profit
4
857,025
2,201,863
Interest receivable and similar income
8
777
10,646
Interest payable and similar expenses
9
(543,104)
(210,248)
Profit before taxation
314,698
2,002,261
Tax on profit
10
(55,781)
(361,637)
Profit for the financial year
258,917
1,640,624
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NICHOLAS ASSOCIATES GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
£
£
Profit for the year
258,917
1,640,624
Other comprehensive income
-
-
Total comprehensive income for the year
258,917
1,640,624
NICHOLAS ASSOCIATES GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
90,000
40,000
Other intangible assets
13
65,353
93,022
Total intangible assets
155,353
133,022
Tangible assets
14
255,579
255,596
Investments
15
29,597
29,597
440,529
418,215
Current assets
Debtors
17
19,743,733
15,265,820
Cash at bank and in hand
636,586
710,272
20,380,319
15,976,092
Creditors: amounts falling due within one year
18
(18,477,193)
(12,609,569)
Net current assets
1,903,126
3,366,523
Net assets
2,343,655
3,784,738
Capital and reserves
Called up share capital
21
1,004
1,004
Other reserves
(179,999)
(179,999)
Profit and loss reserves
2,522,650
3,963,733
Total equity
2,343,655
3,784,738
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Mr B J Allen
Director
Company registration number 03606174 (England and Wales)
NICHOLAS ASSOCIATES GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
1,004
(179,999)
2,354,397
2,175,402
Effect of transition to FRS 102
-
(31,288)
(31,288)
As restated
1,004
(179,999)
2,323,109
2,144,114
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,640,624
1,640,624
Balance at 31 December 2022
1,004
(179,999)
3,963,733
3,784,738
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
258,917
258,917
Dividends
11
-
-
(1,700,000)
(1,700,000)
Balance at 31 December 2023
1,004
(179,999)
2,522,650
2,343,655
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Nicholas Associates Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED.
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 prior year financial statements were prepared under Financial Reporting Standards 101 (FRS 101) 'Reduced Disclosure Framework'. An explanation of how the transition to FRS 102 has affected the reported financial performance and financial position is given elsewhere in the notes
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 of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Nicholas Associates Holdings Limited. These consolidated financial statements are available from its registered office, Reginald Arthur House, Percy Street, Rotherham, Yorkshire S65 1ED.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales, excluding value added tax. Turnover is recognised upon the raising of a weekly invoice following the receipt of employee timesheets.
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is to be amortised on a systematic basis over its expected life, which is 10 years, with the first year' charge commencing in the year ended 31 December 2022.
1.5
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:
Software
10 years
1.6
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:
Fixtures and fittings
33% on cost, 33% and 25% on reducing balance
Motor vehicles
33% and 25% on reducing balance
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 credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company 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.
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
Debtors and creditors receivable/payable with a year
Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.
Investments
Investments are initially recognised at fair value which is the transaction price excluding transaction costs. They are subsequently measured at fair value through profit or loss if the shares are publicly traded or their fair value if this can otherwise be measured reliably. Other investments are measured at cost less impairment.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’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 profit and loss account, 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fixed asset investment valuations
The basis of valuation is shown in the accounting policies.
3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
777
10,646
Grants received
7,500
105,578
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(7,500)
(105,578)
Depreciation of owned tangible fixed assets
114,257
100,495
Loss on disposal of tangible fixed assets
813
3,228
Amortisation of intangible assets
37,669
27,669
Impairment of intangible assets
10,000
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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 company
26,800
23,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administrative Employees
340
326
Subcontractors
3,139
3,178
Total
3,479
3,504
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
8,802,071
7,711,049
Social security costs
717,349
662,701
Pension costs
245,461
202,394
9,764,881
8,576,144
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
283,650
264,637
Company pension contributions to defined contribution schemes
74,192
30,508
357,842
295,145
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
99,250
96,187
Company pension contributions to defined contribution schemes
30,582
15,598
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
777
10,646
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
543,104
210,248
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
70,383
363,513
Adjustments in respect of prior periods
(14,602)
(1,876)
Total current tax
55,781
361,637
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
314,698
2,002,261
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
78,675
380,430
Tax effect of expenses that are not deductible in determining taxable profit
(4,658)
(21,301)
Adjustments in respect of prior years
(14,602)
(1,876)
Permanent capital allowances in excess of depreciation
(3,634)
6,030
FRS 102 Transition Adjustment
(1,646)
Taxation charge for the year
55,781
361,637
11
Dividends
2023
2022
£
£
Interim paid
1,700,000
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Goodwill
13
10,000
Recognised in:
Administrative expenses
-
10,000
13
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
50,000
276,691
326,691
Additions
60,000
60,000
At 31 December 2023
110,000
276,691
386,691
Amortisation and impairment
At 1 January 2023
10,000
183,669
193,669
Amortisation charged for the year
10,000
27,669
37,669
At 31 December 2023
20,000
211,338
231,338
Carrying amount
At 31 December 2023
90,000
65,353
155,353
At 31 December 2022
40,000
93,022
133,022
More information on impairment movements in the year is given in note 12.
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
729,695
52,329
782,024
Additions
118,572
19,300
137,872
Disposals
(236,818)
(22,000)
(258,818)
At 31 December 2023
611,449
49,629
661,078
Depreciation and impairment
At 1 January 2023
515,305
11,123
526,428
Depreciation charged in the year
104,100
10,157
114,257
Eliminated in respect of disposals
(231,672)
(3,514)
(235,186)
At 31 December 2023
387,733
17,766
405,499
Carrying amount
At 31 December 2023
223,716
31,863
255,579
At 31 December 2022
214,390
41,206
255,596
15
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
16
29,597
29,597
16
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
Action 4 Businss Ltd
Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED
Ordinary
100.00
Cenfra Limited
Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED
Ordinary
100.00
Relay Recruitment Limited
Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED
Ordinary
100.00
Apprentice Employment Agency Limited
Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED
Ordinary
100.00
The Centre for Food Robotics amd Automation Limited
Reginald Arthur House, Percy Street, Rotherham, South Yorkshire, S65 1ED
Ordinary
100.00
Titans Rugby Limited
New Ebury House, South Grove, Rotherham, South Yorkshire, S60 2AF
Ordinary A
41.66
Titans Rugby Limited
New Ebury House, South Grove, Rotherham, South Yorkshire, S60 2AF
Ordinary
38.16
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Action 4 Businss Ltd
4
-
Cenfra Limited
1
-
Relay Recruitment Limited
29,592
-
Apprentice Employment Agency Limited
800
-
The Centre for Food Robotics amd Automation Limited
820
-
Titans Rugby Limited
(651,223)
57,579
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,751,919
12,445,840
Amounts owed by group undertakings
1,646,156
1,479,471
Other debtors
23,824
1,039,607
Prepayments and accrued income
321,834
300,902
19,743,733
15,265,820
The company has financing arrangements whereby certain of its debts are financed on a recourse basis. The terms of the arrangements are such that, prior to payment, an advance may be made by the finance company against those debtors. In such an event the company bears an element of the slow payment risk. As a result of the adoption by the company of the terms of 'Reporting of Substance of transactions' under FRS 102 Section 12, amounts received of £8,580,195 (2022: £4,630,191) in respect of debtors factored have been included within creditors.
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Factored Debt
19
8,580,195
4,630,191
Trade creditors
4,623,050
4,669,136
Amounts owed to group undertakings
59,580
85,215
Corporation tax
70,305
367,198
Other taxation and social security
950,473
1,014,899
Other creditors
2,168,441
129,660
Accruals and deferred income
2,025,149
1,713,270
18,477,193
12,609,569
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Loans and overdrafts
2023
2022
£
£
Factored Debt
8,580,195
4,630,191
Payable within one year
8,580,195
4,630,191
A debenture was created in December 2023 to secure all monies due on factored debts to RBS Invoice Finance Ltd, including a fixed and floating charge over all of the company's undertakings and assets.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
245,461
202,394
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
Preference of £1 each
4
4
4
4
1,004
1,004
1,004
1,004
22
Financial commitments, guarantees and contingent liabilities
The company has entered into separate unlimited cross and multilateral guarantees in respect of any indebtedness between Nicholas Associates Holdings Limited and the bank in relation to overdraft and amounts advanced under invoice finance agreements. The total contingent liability of the company under guarantees at 31 December 2023 was £8,580,195 (2022: £4,630,191).
NICHOLAS ASSOCIATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
23
Reconciliations of Adoption of FRS 102
Reconciliation of equity
At 1 January 2022
At 31 December 2022
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Goodwill
50,000
-
50,000
40,000
-
40,000
Other intangibles
120,691
-
120,691
93,022
-
93,022
Tangible assets
586,617
-
586,617
533,447
(277,851)
255,596
Investments
29,597
-
29,597
29,597
-
29,597
786,905
-
786,905
696,066
(277,851)
418,215
Current assets
Debtors
11,806,540
-
11,806,540
15,302,966
(37,146)
15,265,820
Bank and cash
1,466,892
-
1,466,892
710,272
-
710,272
13,273,432
-
13,273,432
16,013,238
(37,146)
15,976,092
Creditors due within one year
Loans and overdrafts
(5,205,568)
-
(5,205,568)
(4,656,849)
-
(4,656,849)
Finance leases
(113,416)
-
(113,416)
(115,370)
115,370
Taxation
(622,653)
-
(622,653)
(1,378,412)
(3,685)
(1,382,097)
Other creditors
(5,660,570)
-
(5,660,570)
(6,573,850)
3,227
(6,570,623)
(11,602,207)
-
(11,602,207)
(12,724,481)
114,912
(12,609,569)
Net current assets
1,671,225
-
1,671,225
3,288,757
77,766
3,366,523
Total assets less current liabilities
2,458,130
-
2,458,130
3,984,823
(200,085)
3,784,738
Creditors due after one year
Finance leases
(245,928)
-
(245,928)
(145,459)
145,459
Provisions for liabilities
Other provisions
(36,800)
-
(36,800)
(32,000)
32,000
Net assets
2,175,402
-
2,175,402
3,807,364
(22,626)
3,784,738
Capital and reserves
Share capital
1,004
1,004
1,004
-
1,004
Other reserves
(179,999)
(179,999)
(179,999)
-
(179,999)
Profit and loss
2,354,397
(31,288)
2,323,109
3,986,359
(22,626)
3,963,733
Total equity
2,175,402
(31,288)
2,144,114
3,807,364
(22,626)
3,784,738
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