Company registration number 14414295 (England and Wales)
BIG FISH GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
BIG FISH GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Director
K Moston
(Appointed 12 October 2022)
Company number
14414295
Registered office
Suite 7 Frodsham Business Centre
Bridge Lane
Frodsham
Cheshire
WA6 7FZ
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Suite 7 Frodsham Business Centre
Bridge Lane
Frodsham
Cheshire
WA6 7FZ
BIG FISH GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 31
BIG FISH GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the period ended 31 December 2023.

Review of the business

The parent company was incorporated on 12 October 2022. The results included in these group financial statements are for the period ended 31 December and include 14 months of consolidated results from Big Fish Group Limited from the date of acquisition on 17 October 2022.

 

Turnover for the group in the period to 31 December 2023 was £87.98m and gross profit was £1.09m. The operating loss was £392k. Net liabilities at the balance sheet date were £15k.

 

The key performance indicators are turnover and gross profit.

 

2023

Turnover £87.98m

GP        £1.095m

GP%        1.24%    

Principal risks and uncertainties

We operate a robust corporate governance programme designed to manage strategic and tactical risks and avoid any impact on the business where it is possible to do so. Risks are identified and improvements are made and controls are put in place on a regular basis to mitigate this risk.

We have a strong senior leadership management team who all have vast amounts of experience within the sector and collaboratively support the owners in growing the business, exceeding targets, and achieving continued growth. They are also constantly training and developing newer hires.

We have implemented risk controls to identify any areas of the business which may be affected by operational risk, liquidity risk, credit risk, legislation risk or risk of fraud. If we are identifying one of these areas as being potentially pressurised, we prioritise our efforts to remove any risk where necessary or mitigate the risk if we are not able to completely remove.

BIG FISH GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Section 172(1) statement

The board promotes the success of the group for the benefit of all stakeholders that we recognise are key to the long-term future success of our business while considering the impact of these decisions. Even with this being the case, some decisions may adversely affect one or more of these groups, but we always look to ensure that those impacted are treated fairly. Our key stakeholders are:

Clients

Our client partners and their contractors are the main focus of the business and are at the heart of everything we do. With the owners having 28 years of combined payroll experience, they are aligned with their goals and lead a passionate team of experts who all work together to maintain the service levels which go above and beyond other competitors.

People

The people within our business are what makes Big Fish the business it is today and attribute to the success and growth in numbers. They consistently deliver the levels of service week on week. The business benefits from employing highly experienced industry experts who are adequately qualified to deliver the service our clients can expect to receive from us. Culture is a huge thing within our business as whilst professionalism is important, we recognise & celebrate success by hosting regular staff events to boost morale and importantly promote team bonding.

Partners and Regulators

We abide by the code of all bodies that we are attributed to in our sector and are constantly reviewing our compliance processes to ensure we are fully compliant with HMRC guidelines.

We also work closely with respected tax advisors to ensure we are up to date with legislative changes and are then able to share this technical knowledge with our clients.

Society and Community

We work within the local community to support young workers through apprenticeships and college tuition to allow them to work while gaining qualifications. We also recognise our environmental and corporate social responsibility to the local communities and endeavour to operate safely and ethically.

On behalf of the board

K Moston
Director
12 November 2024
BIG FISH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The director presents her annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the group is the provision of agency staff and CIS contractors.

 

The Company's principal activity is to hold investments in group companies.

Results and dividends

The results for the period are set out on page 11.

Ordinary dividends were paid amounting to £101,218. The director does not recommend payment of a final dividend.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

K Moston
(Appointed 12 October 2022)
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group does not consider it necessary to use any financial products to mitigate this risk.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis.

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 group continues and that the appropriate training is arranged. It is the policy of the group 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 Director is committed to fostering a positive work environment that values employee engagement, well-being, and development. Engaging our employees is essential to the group's success and aligns with our core values of collaboration, innovation, and integrity. Our employee engagement strategy focuses on creating a supportive and inclusive workplace, empowering employees to contribute meaningfully to the organisation.

BIG FISH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

Communication and Transparency

 

 

Professional Development and Growth

 

.

Recognition and Rewards

 

 

Workplace Well-being and Flexibility

 

 

Employee Feedback and Engagement Surveys

 

 

Diversity and Inclusion Initiatives

 

BIG FISH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
Business relationships

 

Suppliers

The director understands the importance of maintaining ethical and mutually beneficial relationships with our suppliers, as they are integral to the quality and continuity of our operations. In our dealings with suppliers, we have emphasised the following:

 

 

Impact on Decision-Making: When choosing suppliers, the director has given priority to those with strong ethical standards and a commitment to sustainability. This approach supports our broader corporate responsibility goals and helps mitigate supply chain risks.

 

Customers

Building lasting relationships with our customers is central to our business philosophy. The director has focused on enhancing customer satisfaction and delivering value through:

 

 

Impact on Decision-Making: Customer feedback and market trends have informed several principal decisions, including product launches and service enhancements, which have contributed to improved customer satisfaction and retention rates.

 

Other Stakeholders (Community, Regulators, and Industry Partners)

As a responsible corporate company, we recognise the importance of our broader impact on the community, regulators, and industry stakeholders. The director has engaged in several initiatives to foster these relationships, including:

 

 

Impact on Decision-Making: These relationships have influenced our commitment to ethical practices, compliance initiatives, reinforcing our role as a responsible industry leader.

 

The director is dedicated to fostering strong and supportive relationships with our suppliers, customers, and other stakeholders. These relationships are essential to the company’s resilience and long-term success. Through a consistent focus on collaboration, transparency, and ethical practices, the director is confident that our approach will continue to create value for all stakeholders and support the company’s strategic objectives.

 

BIG FISH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
Future developments

We expect to see growth in 2024 due to our proven high levels of customer service. Key hires have been made within the business to support our growth and maintain our commitment to both our agency partners and temporary workers.

Auditor

JS. Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

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

BIG FISH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
On behalf of the board
K Moston
Director
12 November 2024
BIG FISH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIG FISH GROUP HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Big Fish Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BIG FISH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIG FISH GROUP HOLDINGS LIMITED
- 9 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of director

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities and 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 extent to which our procedures are capable of detecting irregularities including fraud is detailed below.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were completeness of income as well as those related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

Our procedures to respond to risks identified included the following:

 

BIG FISH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIG FISH GROUP HOLDINGS LIMITED
- 10 -

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Use of our 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 Moss BSc F.C.A.
Senior Statutory Auditor
For and on behalf of
12 November 2024
JS. Audit Limited
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
BIG FISH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Period
ended
31 December
2023
Notes
£
Turnover
3
87,978,344
Cost of sales
(86,883,410)
Gross profit
1,094,934
Administrative expenses
(1,486,500)
Operating loss
4
(391,566)
Interest receivable and similar income
8
26,310
Interest payable and similar expenses
9
(1,247)
Loss before taxation
(366,503)
Tax on loss
10
2,653
Loss for the financial period
(363,850)
Loss for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.

The notes on pages 17 to 31 form part of these financial statements.

BIG FISH GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
Notes
£
£
Fixed assets
Goodwill
12
664,989
Tangible assets
13
11,348
676,337
Current assets
Debtors
16
2,952,122
Cash at bank and in hand
2,436,006
5,388,128
Creditors: amounts falling due within one year
17
(6,053,460)
Net current liabilities
(665,332)
Total assets less current liabilities
11,005
Creditors: amounts falling due after more than one year
18
(26,040)
Provisions for liabilities
Deferred tax liability
20
31
(31)
Net liabilities
(15,066)
Capital and reserves
Called up share capital
22
4
Other reserves
23
449,998
Profit and loss reserves
23
(465,068)
Total equity
(15,066)

The notes on pages 17 to 31 form part of these financial statements.

The financial statements were approved and signed by the director and authorised for issue on 12 November 2024
12 November 2024
K Moston
Director
Company registration number 14414295 (England and Wales)
BIG FISH GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
Notes
£
£
Fixed assets
Investments
14
900,000
Current assets
Debtors
16
2
Creditors: amounts falling due within one year
17
(450,000)
Net current liabilities
(449,998)
Net assets
450,002
Capital and reserves
Called up share capital
22
4
Other reserves
23
449,998
Total equity
450,002

The notes on pages 17 to 31 form part of these financial statements.

As permitted by s408 of the 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 £101,218.

The financial statements were approved and signed by the director and authorised for issue on 12 November 2024
12 November 2024
K Moston
Director
Company registration number 14414295 (England and Wales)
BIG FISH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 12 October 2022
-
-
-
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(363,850)
(363,850)
Issue of share capital
22
4
449,998
-
450,002
Dividends
11
-
-
(101,218)
(101,218)
Balance at 31 December 2023
4
449,998
(465,068)
(15,066)

The notes on pages 17 to 31 form part of these financial statements.

BIG FISH GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 12 October 2022
-
-
-
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
101,218
101,218
Issue of share capital
22
4
449,998
-
450,002
Dividends
11
-
-
(101,218)
(101,218)
Balance at 31 December 2023
4
449,998
-
0
450,002

The notes on pages 17 to 31 form part of these financial statements.

BIG FISH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
2,299,736
Interest paid
(1,247)
Income taxes paid
(44,595)
Net cash inflow/(outflow) from operating activities
2,253,894
Investing activities
Purchase of subsidiary
276,744
Purchase of tangible fixed assets
(8,373)
Interest received
26,310
Net cash generated from/(used in) investing activities
294,681
Financing activities
Repayment of bank loans
(11,351)
Dividends paid to equity shareholders
(101,218)
Net cash used in financing activities
(112,569)
Net increase in cash and cash equivalents
2,436,006
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
2,436,006

The notes on pages 17 to 31 form part of these financial statements.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Big Fish Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suite 7 Frodsham Business Centre, Bridge Lane, Frodsham, Cheshire, WA6 7FZ.

 

The group consists of Big Fish Group Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements present the results for a period exceeding 12 months, being that from incorporation on 12 October 2022 to 31 December 2023. This is the first year of accounts for the group and therefore no comparatives are shown for the group or company.

1.2
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Big Fish Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

1.5
Going concern

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

 

The director notes that the financial statements show a difficult period with a loss of £363,850 and the group balance sheet being in a liability position. The principal reason for this was due to larger than budgeted overheads with a view to continued expansion, along with suffering construction markets and the economic climate of the sector in Q4. With a view to this the director has produced a 12-month rolling budget and cash flow from the date of this report that shows an improvement in profit, a return to a net asset position on the balance sheet and sufficient cash flow for the period.

 

This will be achieved by moderate top line growth in sales and gross profit and a significant decrease in overheads vs 2023. With this focus and a commitment to the measures outlined above the director feels that the group should be assessed on the going concern basis. The group has also invested heavily in staff, and gained multiple market leading accreditations such as FCSA and SafeRec to ensure the business continues to grow.

1.6
Turnover

Turnover represents the fair value of consideration received or receivable from the provision of agency staff and CIS contractors. Fair value reflects the amount agreed in the form of contractual charges for each type of service. Fee income is stated net of amounts collected on behalf of third parties such as sales taxes, goods and service taxes and value added taxes.

 

Turnover is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Right to consideration is based on the company confirming that the work was performed by the contractors.

 

Hours worked by contractors during the year which at year-end have not yet been invoiced to the group are recognised as fee income and accrued within the balance sheet.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

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

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

Fixtures and fittings
33% straight line
Computers
33% straight line

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

1.9
Fixed asset investments

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.

1.10
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.

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.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.11
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.

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.

1.13
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.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.15
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.

1.16
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

 

The critical judgment identified by the director is:

Revenue recognition

It is management's judgement that the group acts as a principal in arrangements when invoicing on behalf of its contractors (who are engaged by the group on permanent employment contracts) to recruitment agencies. As the employment and other risks are borne by the group in holding the contractors as their employees the group is considered to be a principal in the arrangement in line with FRS 102 section 23.21. Accordingly, turnover represents the amount invoiced and collected from recruitment agencies for fulfilling assignments at their end clients using employees of the group, including arrangements where no commission is directly receivable by the group. If the group were considered to be acting as an agent revenue would represent commission receivable relating to supply of temporary workers and would not include remuneration costs of temporary workers. Whilst the different treatment would impact the quantum of revenue and cost of sales for contracted employees it would have no effect on the reported earnings before interest, tax, depreciation or amortisation of the group.

 

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Provision of agency staff and CIS contractors
87,978,344
2023
£
Other revenue
Interest income
26,310
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 23 -

Turnover was only provided in the united Kingdom.

4
Operating loss
2023
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
8,868
Amortisation of intangible assets
87,829
Operating lease charges
4,892
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
3,500
Audit of the financial statements of the company's subsidiaries
12,950
16,450
For other services
Other taxation services
2,350
All other non-audit services
4,700
7,050
6
Employees

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

Group
Company
2023
2023
Number
Number
18
-
1,505
-
Total
1,523
-
0
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
80,892,381
-
0
Social security costs
4,672,838
-
Pension costs
516,853
-
0
86,082,072
-
0
7
Director's remuneration
2023
£
Remuneration for qualifying services
63,686
8
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
26,310
9
Interest payable and similar expenses
2023
£
Interest on bank overdrafts and loans
1,247
10
Taxation
2023
£
Deferred tax
Origination and reversal of timing differences
(2,653)
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 25 -

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

2023
£
Loss before taxation
(366,503)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.86%
(83,783)
Tax effect of expenses that are not deductible in determining taxable profit
87,496
Other permanent differences
(8,010)
Fixed asset differences
1,277
Remesurement of deferred tax for changes in tax rates
367
Taxation credit
(2,653)

A UK corporation tax rate of 25% was announced in the Chancellor's Budget of 3 March 2021 and applied from 1 April 2023. Deferred tax has been calculated at this rate.

11
Dividends
2023
Recognised as distributions to equity holders:
£
Interim paid
101,218
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 12 October 2022
-
0
Additions
752,818
At 31 December 2023
752,818
Amortisation and impairment
At 12 October 2022
-
0
Amortisation charged for the period
87,829
At 31 December 2023
87,829
Carrying amount
At 31 December 2023
664,989
The company had no intangible fixed assets at 31 December 2023.
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
13
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 12 October 2022
-
0
-
0
-
0
Additions
802
7,571
8,373
Business combinations
11,843
-
0
11,843
At 31 December 2023
12,645
7,571
20,216
Depreciation and impairment
At 12 October 2022
-
0
-
0
-
0
Depreciation charged in the period
7,222
1,646
8,868
At 31 December 2023
7,222
1,646
8,868
Carrying amount
At 31 December 2023
5,423
5,925
11,348
The company had no tangible fixed assets at 31 December 2023.
14
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
15
-
0
900,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 12 October 2022
-
Additions
900,000
At 31 December 2023
900,000
Carrying amount
At 31 December 2023
900,000
15
Subsidiaries

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

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Big Fish Group Limited
Room 7 Frodsham Business Centre, Bridge Lane, Frodsham, WA6 7FZ
Provision of agency staff
All shares
100.00
-
Big Fish Accounting Limited
Room 7 Frodsham Business Centre, Bridge Lane, Frodsham, WA6 7FZ
Dormant
All shares
-
100.00
Big Fish Construction Limited
Room 7 Frodsham Business Centre, Bridge Lane, Frodsham, WA6 7FZ
Dormant
All shares
-
100.00
16
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,275,104
-
0
Corporation tax recoverable
43,665
-
0
Other debtors
64,601
-
0
Prepayments and accrued income
568,750
-
0
2,952,120
-
Amounts falling due after more than one year:
Unpaid share capital
2
2
Total debtors
2,952,122
2
17
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
19
9,996
-
0
Trade creditors
79,225
-
0
Amounts owed to group undertakings
-
0
375,000
Other taxation and social security
5,194,899
-
Other creditors
241,993
75,000
Accruals and deferred income
527,347
-
0
6,053,460
450,000
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans
19
26,040
-
0
19
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
36,036
-
0
Payable within one year
9,996
-
0
Payable after one year
26,040
-
0
20
Deferred taxation

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

Liabilities
2023
Group
£
Accelerated capital allowances
31
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Asset at 12 October 2022
-
-
Arising on business combination
2,684
Credit to profit or loss
(2,653)
-
Liability at 31 December 2023
31
-

The deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
21
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
516,853

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.

 

At the balance sheet date, the group and company had unpaid pension contributions amounting to £25,493

22
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares  - Class A of £1 each
4
4
Two ordinary shares issued of £1 each remain unpaid at the balance sheet date.
23
Reserves
Profit and loss reserves

Represents cumulative profits and losses net of distributions to shareholders.

 

Merger reserve

This represents the difference between the nominal and fair value of shares issued on acquisition.

24
Acquisition of a business

On 17 October 2022 the group acquired 100 percent of the issued share capital of Big Fish Group Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
16,784
(4,941)
11,843
Trade and other receivables
3,412,197
-
3,412,197
Cash and cash equivalents
651,744
-
651,744
Borrowings
(47,387)
-
(47,387)
Trade and other payables
(3,786,762)
(90,839)
(3,877,601)
Tax liabilities
(930)
-
(930)
Deferred tax
-
(2,684)
(2,684)
Total identifiable net assets
245,646
(98,464)
147,182
Goodwill
752,818
Total consideration
900,000
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
24
Acquisition of a business
(Continued)
- 30 -
The consideration was satisfied by:
£
Cash
375,000
Issue of shares
450,000
Deferred consideration
75,000
900,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
87,978,344
Loss after tax
(276,021)
25
Operating lease commitments

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

Group
Company
2023
2023
£
£
Within one year
360
-
Between two and five years
240
-
600
-
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
£
Aggregate compensation
116,897
BIG FISH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
27
Directors' transactions

Dividends totalling £50,609 were paid in the period in respect of shares held by the group's director.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
K Moston - Director's Loan
-
-
55,087
(38,155)
16,932
-
55,087
(38,155)
16,932
28
Cash generated from/(absorbed by) group operations
2023
£
Loss for the period after tax
(363,850)
Adjustments for:
Taxation credited
(2,653)
Finance costs
1,247
Investment income
(26,310)
Amortisation and impairment of intangible assets
87,829
Depreciation and impairment of tangible fixed assets
8,868
Movements in working capital:
Decrease in debtors
503,742
Increase in creditors
2,090,863
Cash generated from/(absorbed by) operations
2,299,736
29
Analysis of changes in net funds - group
12 October 2022
Cash flows
Acquisitions and disposals
31 December 2023
£
£
£
£
Cash at bank and in hand
-
2,436,006
-
2,436,006
Borrowings excluding overdrafts
-
11,351
(47,387)
(36,036)
-
2,447,357
(47,387)
2,399,970
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