Company registration number 13006070 (England and Wales)
CHERRY PICK TALENT HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
CHERRY PICK TALENT HOLDINGS LTD
COMPANY INFORMATION
Director
B Filler
Company number
13006070
Registered office
8 High Street
Brentwood
Essex
CM14 4AB
Auditor
M J Bushell Audit LLP
8 High Street
Brentwood
Essex
CM14 4AB
CHERRY PICK TALENT HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
CHERRY PICK TALENT HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The director presents the strategic report for the year ended 29 February 2024.
Review of the business
The Cherry Pick Talent Group has delivered a strong performance in the field of influencer marketing during the financial year resulting in revenue increasing by 8.9% to £13.6m. The company has successfully connected brands with influencers who align with their target audiences, driving impactful campaigns and measurable results. The business has maintained its competitive edge by maintaining strong relationships with both clients and creators, as well as adapting quickly to changes in the digital landscape creating strong profits of £3.5m.
Principal risks and uncertainties
The influencer marketing sector faces challenges such as increasing competition, evolving consumer behaviour, and changes to social media platform policies and algorithms that may impact campaign reach. The Cherry Pick Talent Group mitigates these uncertainties by diversifying its client and influencer networks, staying ahead of industry trends, and continuously refining campaign strategies to maximize effectiveness.
.............................................
B Filler
Director
Date: .............................................
CHERRY PICK TALENT HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
The director presents her annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company and group continued to be that of support activities to performing arts.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
B Filler
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:
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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
CHERRY PICK TALENT HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
On behalf of the board
..............................................
B Filler
Director
Date: .........................................
2024-11-26
CHERRY PICK TALENT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHERRY PICK TALENT HOLDINGS LTD
- 4 -
Opinion
We have audited the financial statements of Cherry Pick Talent Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
CHERRY PICK TALENT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHERRY PICK TALENT HOLDINGS LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Management override of controls
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Non compliance with laws and regulations
Enquiry of management, those charged with governance around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
CHERRY PICK TALENT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHERRY PICK TALENT HOLDINGS LTD
- 6 -
Corné von Wielligh ACA
For and on behalf of
Date: .......................................
2024-11-26
M J Bushell Audit LLP
Chartered Accountants
Statutory Auditor
8 High Street
Brentwood
Essex
CM14 4AB
CHERRY PICK TALENT HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,623,413
12,509,955
Cost of sales
(7,202,530)
(6,634,993)
Gross profit
6,420,883
5,874,962
Administrative expenses
(1,692,613)
(657,285)
Operating profit
4
4,728,270
5,217,677
Interest receivable and similar income
7
2,225
20,592
Interest payable and similar expenses
8
(41,098)
Amounts written off investments
9
-
31,833
Profit before taxation
4,689,397
5,270,102
Tax on profit
10
(1,181,362)
(1,021,652)
Profit for the financial year
3,508,035
4,248,450
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
CHERRY PICK TALENT HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 8 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
76,003
91,241
Investments
13
1,046,496
1,061,586
1,122,499
1,152,827
Current assets
Stocks
15
562,304
353,898
Debtors
16
9,096,210
4,480,435
Cash at bank and in hand
4,142,002
4,752,109
13,800,516
9,586,442
Creditors: amounts falling due within one year
17
(2,993,282)
(2,321,271)
Net current assets
10,807,234
7,265,171
Total assets less current liabilities
11,929,733
8,417,998
Provisions for liabilities
Deferred tax liability
18
27,000
23,300
(27,000)
(23,300)
Net assets
11,902,733
8,394,698
Capital and reserves
Called up share capital
21
100
100
Other reserves
1,475,533
1,475,533
Profit and loss reserves
10,427,100
6,919,065
Total equity
11,902,733
8,394,698
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on .........................
2024-11-26
..............................................
B Filler
Director
Company registration number 13006070 (England and Wales)
CHERRY PICK TALENT HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
2024-02-29
- 9 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investments
13
100
100
Current assets
Debtors
16
1,082,207
Cash at bank and in hand
3,220,100
4,302,307
Net current assets
4,302,307
-
Net assets
4,302,407
100
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
4,302,307
-
Total equity
4,302,407
100
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,302,307 (2023 - £0 profit).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on .........................
2024-11-26
..............................................
B Filler
Director
Company registration number 13006070 (England and Wales)
CHERRY PICK TALENT HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
100
1,475,533
2,670,615
4,146,248
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
4,248,450
4,248,450
Balance at 28 February 2023
100
1,475,533
6,919,065
8,394,698
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
3,508,035
3,508,035
Balance at 29 February 2024
100
1,475,533
10,427,100
11,902,733
CHERRY PICK TALENT HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
100
100
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
Balance at 28 February 2023
100
100
Year ended 29 February 2024:
Profit and total comprehensive income
-
4,302,307
4,302,307
Balance at 29 February 2024
100
4,302,307
4,302,407
CHERRY PICK TALENT HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
4,720,693
4,289,789
Interest paid
(41,098)
Income taxes paid
(2,500,235)
(124,641)
Net cash inflow from operating activities
2,179,360
4,165,148
Investing activities
Purchase of tangible fixed assets
(8,601)
(18,755)
Adjustment to acquisition cost of investments
15,090
-
Loans made to other entities
(1,082,207)
-
Loans made to directors
(1,715,974)
(494,911)
Interest received
2,225
20,592
Net cash used in investing activities
(2,789,467)
(493,074)
Net (decrease)/increase in cash and cash equivalents
(610,107)
3,672,074
Cash and cash equivalents at beginning of year
4,752,109
1,080,035
Cash and cash equivalents at end of year
4,142,002
4,752,109
CHERRY PICK TALENT HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(28,074)
Investing activities
Loans made to other entities
(1,082,207)
Dividends received
4,330,381
Net cash generated from/(used in) investing activities
3,248,174
-
Net increase in cash and cash equivalents
3,220,100
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
3,220,100
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
1
Accounting policies
Company information
Cherry Pick Talent Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 High Street, Brentwood, Essex, CM14 4AB.
The group consists of Cherry Pick Talent Holdings Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Cherry Pick Talent Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 29 February 2024. 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.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
33% Straight Line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
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
25% Straight Line
Computers
33% Straight Line
Motor vehicles
20% 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 recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
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.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
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.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Campaign income
13,623,413
12,509,955
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,822,813
1,478,139
Europe
2,518,148
6,636,465
North America
7,282,452
4,395,351
13,623,413
12,509,955
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
2,225
20,592
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
224,202
(189,508)
Fees payable to the group's auditor for the audit of the group's financial statements
11,000
-
Depreciation of owned tangible fixed assets
23,111
25,750
Loss on disposal of tangible fixed assets
728
-
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
8
8
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
986,499
532,327
Social security costs
44,501
29,503
-
-
Pension costs
34,272
13,087
1,065,272
574,917
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,000
12,000
Company pension contributions to defined contribution schemes
27,000
7,200
39,000
19,200
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,225
20,592
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
41,098
-
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
-
31,833
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,177,662
1,016,752
Deferred tax
Origination and reversal of timing differences
(3,800)
4,900
Changes in tax rates
7,500
Total deferred tax
3,700
4,900
Total tax charge
1,181,362
1,021,652
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Taxation
(Continued)
- 23 -
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:
2024
2023
£
£
Profit before taxation
4,689,397
5,270,102
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
1,148,433
1,001,319
Tax effect of expenses that are not deductible in determining taxable profit
25,217
21,166
Effect of change in corporation tax rate
7,500
-
Other
212
(833)
Taxation charge
1,181,362
1,021,652
11
Intangible fixed assets
Group
Computer software
£
Cost
At 1 March 2023 and 29 February 2024
3,550
Amortisation and impairment
At 1 March 2023 and 29 February 2024
3,550
Carrying amount
At 29 February 2024
At 28 February 2023
The company had no intangible fixed assets at 29 February 2024 or 28 February 2023.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
11,512
41,854
90,900
144,266
Additions
8,601
8,601
Disposals
(9,230)
(10,675)
(19,905)
At 29 February 2024
2,282
39,780
90,900
132,962
Depreciation and impairment
At 1 March 2023
11,512
22,726
18,787
53,025
Depreciation charged in the year
9,803
13,308
23,111
Eliminated in respect of disposals
(9,230)
(9,947)
(19,177)
At 29 February 2024
2,282
22,582
32,095
56,959
Carrying amount
At 29 February 2024
17,198
58,805
76,003
At 28 February 2023
19,128
72,113
91,241
The company had no tangible fixed assets at 29 February 2024 or 28 February 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
100
100
Unlisted investments
1,046,496
1,061,586
1,046,496
1,061,586
100
100
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 March 2023
1,061,586
Adjustment to acquisition cost
(15,090)
At 29 February 2024
1,046,496
Carrying amount
At 29 February 2024
1,046,496
At 28 February 2023
1,061,586
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
100
Carrying amount
At 29 February 2024
100
At 28 February 2023
100
14
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cherry Pick Talent Ltd.
As parent
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
562,304
353,898
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,165,505
1,380,650
Other debtors
4,208,669
1,881,916
1,082,207
Prepayments and accrued income
1,673,186
1,217,869
8,047,360
4,480,435
1,082,207
-
Amounts falling due after more than one year:
Corporation tax recoverable
1,048,850
Total debtors
9,096,210
4,480,435
1,082,207
-
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
388,461
44,907
Corporation tax payable
1,211,803
1,485,526
Other taxation and social security
318,936
71,852
-
-
Deferred income
19
807,331
603,607
Other creditors
41,051
6,799
Accruals
225,700
108,580
2,993,282
2,321,271
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
19,000
17,300
Revaluations
8,000
6,000
27,000
23,300
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
23,300
-
Credit to profit or loss
(3,800)
-
Effect of change in tax rate - profit or loss
7,500
-
Liability at 29 February 2024
27,000
-
19
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
807,331
603,607
-
-
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,272
13,087
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
22
Financial commitments, guarantees and contingencies
Cherry Pick Talent has a profit share arrangement with an unconnected company whereby amounts are due to Cherry Pick Talent upon the cessation of campaigns run by the unconnected company. At the date of signing off the financial statements, the amounts received relating to such campaigns in the 2024 and earlier financial years was £1,147,330.
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
23
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Services received from related party
2024
2023
£
£
Group
Other related parties
571,188
224,811
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
41,051
6,799
Amounts due from related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
-
802
Key management personnel
3,123,199
1,407,225
Other related parties
1,085,470
4,181
24
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
1,407,225
3,493,278
(1,777,304)
3,123,199
1,407,225
3,493,278
(1,777,304)
3,123,199
CHERRY PICK TALENT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,508,035
4,248,450
Adjustments for:
Taxation charged
1,181,362
1,021,652
Finance costs
41,098
Investment income
(2,225)
(20,592)
Loss on disposal of tangible fixed assets
728
-
Depreciation and impairment of tangible fixed assets
23,111
25,750
Other gains and losses
-
(31,833)
Movements in working capital:
Increase in stocks
(208,406)
(353,898)
Increase in debtors
(768,744)
(1,095,777)
Increase/(decrease) in creditors
742,010
(107,570)
Increase in deferred income
203,724
603,607
Cash generated from operations
4,720,693
4,289,789
26
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
4,302,307
-
Adjustments for:
Investment income
(4,330,381)
Cash absorbed by operations
(28,074)
-
27
Analysis of changes in net funds - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
4,752,109
(610,107)
4,142,002
28
Analysis of changes in net funds - company
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
-
3,220,100
3,220,100
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