Company registration number 04511070 (England and Wales)
CALIBRE ONE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CALIBRE ONE HOLDINGS LTD
COMPANY INFORMATION
Directors
T Barnes
J Brocket
Secretary
N Wilson
Company number
04511070
Registered office
Audrey House
16-20 Ely Place
London
EC1N 6SN
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
CALIBRE ONE HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
CALIBRE ONE HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The macro-economic challenges of high interest rates, inflationary pressure, unstable global security and imminent political elections in the US and the UK made 2023 a challenging year for Calibre One. Despite this the group remained profitable, albeit at lower levels than the post COVID recovery year of 2022.

With Group cash balances of £1.03m at year end and Net Assets of £1.7m the group maintained a strong position to weather any potential economic headwinds in 2024 and beyond and continues to be able to take advantages of opportunities to grow the business as they might appear.

It is clear that the technology sector has undergone a significant correction in the last 18 months which has led to a very challenging environment for all services companies operating in this sector. The Board is of the view that the recovery is now underway and are anticipating significant growth in activity levels and revenue in the latter part of 2024.

 

Principal risks and uncertainties

Despite Group cash and Net assets remaining resilient in the face of high interest rates, high inflation, global instability and potential political change, these headwinds could potentially lead to a fall in fee income from the provision of executive search services. The consequent supply of funding for business may become constricted and thus consequent hiring decisions may be reduced and/or delayed.

A significant deterioration in the US/UK exchange rate may lead to a fall in consolidated turnover despite continuing underlying positive performance in local currencies.

Calibre One is reliant upon its fee earning partners to generate new business opportunities and thus the departure of key individuals may lead to disproportionate falls in the level of future fee income. Calibre One has sought to mitigate this risk by continuing to offer sector competitive remuneration packages to fee earners.

 

Key performance indicators

With Group revenues of £10.7m in 2023, down by 24% from 2022, the Group continues to remain profitable across both geographies.

 

By order of the board

N Wilson
Secretary
26 November 2024
CALIBRE ONE HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of executive search.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £305,000 The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T Barnes
J Brocket
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.

By order of the board
N Wilson
Secretary
26 November 2024
CALIBRE ONE HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

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

 

 

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

CALIBRE ONE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALIBRE ONE HOLDINGS LTD
- 4 -
Opinion

We have audited the financial statements of Calibre One Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CALIBRE ONE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CALIBRE ONE 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 directors' report.

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

CALIBRE ONE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CALIBRE ONE HOLDINGS LTD
- 6 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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.

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.

Other matters which we are required to address

Comparative information in the financial statements is derived from the group's prior period financial statements which were not audited.

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.

Shona Munday BA FCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP
26 November 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
CALIBRE ONE HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
10,710,837
13,327,301
Cost of sales
(4,037,172)
(4,682,785)
Gross profit
6,673,665
8,644,516
Administrative expenses
(6,467,361)
(7,271,792)
Other operating income
-
425,853
Operating profit
4
206,304
1,798,577
Interest receivable and similar income
8
11,675
5,535
Interest payable and similar expenses
9
(2,558)
(4,560)
Amounts written off investments
10
(1)
-
Profit before taxation
215,420
1,799,552
Tax on profit
11
(28,418)
(727,749)
Profit for the financial year
187,002
1,071,803
Profit for the financial year is all attributable to the owners of the parent company.
CALIBRE ONE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
187,002
1,071,803
Other comprehensive income
-
-
Total comprehensive income for the year
187,002
1,071,803
Total comprehensive income for the year is all attributable to the owners of the parent company.
CALIBRE ONE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
13
1,921
3,800
Tangible assets
14
30,508
63,111
Investments
15
106,887
106,888
139,316
173,799
Current assets
Debtors
17
1,464,582
1,881,394
Cash at bank and in hand
1,026,945
1,132,774
2,491,527
3,014,168
Creditors: amounts falling due within one year
18
(926,277)
(1,287,958)
Net current assets
1,565,250
1,726,210
Total assets less current liabilities
1,704,566
1,900,009
Creditors: amounts falling due after more than one year
19
-
(39,081)
Provisions for liabilities
Deferred tax liability
2,730
2,730
(2,730)
(2,730)
Net assets
1,701,836
1,858,198
Capital and reserves
Called up share capital
21
360,000
360,000
Capital redemption reserve
40,000
40,000
Profit and loss reserves
1,301,836
1,458,198
Total equity
1,701,836
1,858,198

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
J Brocket
Director
Company registration number 04511070 (England and Wales)
CALIBRE ONE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
1,220,414
1,220,414
Current assets
Debtors
17
460
-
0
Cash at bank and in hand
34,599
86,473
35,059
86,473
Creditors: amounts falling due within one year
18
(460)
(51,759)
Net current assets
34,599
34,714
Net assets
1,255,013
1,255,128
Capital and reserves
Called up share capital
21
360,000
360,000
Capital redemption reserve
40,000
40,000
Profit and loss reserves
855,013
855,128
Total equity
1,255,013
1,255,128

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 £304,885 (2022 - £1,646,884 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
J Brocket
Director
Company registration number 04511070 (England and Wales)
CALIBRE ONE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
360,000
40,000
1,957,708
2,357,708
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,071,803
1,071,803
Dividends
12
-
-
(1,621,802)
(1,621,802)
Foreign exchange gain/(losses) via Other Comprehensive Income
-
-
50,489
50,489
Balance at 31 December 2022
360,000
40,000
1,458,198
1,858,198
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
187,002
187,002
Dividends
12
-
-
(305,000)
(305,000)
Foreign exchange gain/(losses) via Other Comprehensive Income
-
-
(38,364)
(38,364)
Balance at 31 December 2023
360,000
40,000
1,301,836
1,701,836
CALIBRE ONE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
360,000
40,000
830,046
1,230,046
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,646,884
1,646,884
Dividends
12
-
-
(1,621,802)
(1,621,802)
Balance at 31 December 2022
360,000
40,000
855,128
1,255,128
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
304,885
304,885
Dividends
12
-
-
(305,000)
(305,000)
Balance at 31 December 2023
360,000
40,000
855,013
1,255,013
CALIBRE ONE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
350,110
1,864,709
Interest paid
(2,558)
(4,560)
Income taxes paid
(109,826)
(1,319,691)
Net cash inflow from operating activities
237,726
540,458
Investing activities
Purchase of intangible assets
-
(2,987)
Proceeds from disposal of intangibles
(214)
(139)
Purchase of tangible fixed assets
-
(3,162)
Proceeds from disposal of investments
-
(14,985)
Interest received
11,675
5,535
Net cash generated from/(used in) investing activities
11,461
(15,738)
Financing activities
Payment of finance leases obligations
(11,652)
(10,839)
Dividends paid to equity shareholders
(305,000)
(1,621,802)
Net cash used in financing activities
(316,652)
(1,632,641)
Net decrease in cash and cash equivalents
(67,465)
(1,107,921)
Cash and cash equivalents at beginning of year
1,132,774
2,190,206
Effect of foreign exchange rates
(38,364)
50,489
Cash and cash equivalents at end of year
1,026,945
1,132,774
CALIBRE ONE HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(51,874)
14,805
Investing activities
Proceeds from disposal of investments
-
0
(14,985)
Dividends received
305,000
1,621,802
Net cash generated from investing activities
305,000
1,606,817
Financing activities
Dividends paid to equity shareholders
(305,000)
(1,621,802)
Net cash used in financing activities
(305,000)
(1,621,802)
Net decrease in cash and cash equivalents
(51,874)
(180)
Cash and cash equivalents at beginning of year
86,473
86,653
Cash and cash equivalents at end of year
34,599
86,473
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Calibre One Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Audrey House, 16-20 Ely Place, London, EC1N 6SN.

 

The group consists of Calibre One Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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 Calibre One Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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.

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 directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured, and is shown net of VAT and other sales related taxes. Fees from executive search and permanent placement fees where turnover is recognised as services are provided, typically in three stages being placement, shortlist and retainer fee. The revenue is not recognised until the stage has been completed.

1.6
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 20 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.

1.7
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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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

Software
20% Straight Line
1.8
Tangible fixed assets

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

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

Leasehold land and buildings
over the term of the lease
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Computer software
33% on reducing balance
Motor vehicles
over the term of the lease

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

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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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
Share-based payments

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

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Recruitment services
10,710,837
13,327,301
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
2,610,130
3,772,269
USA
8,100,707
9,555,032
10,710,837
13,327,301
2023
2022
£
£
Other revenue
Interest income
11,675
5,535
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(1,092)
(33,902)
Depreciation of owned tangible fixed assets
32,328
34,248
(Profit)/loss on disposal of tangible fixed assets
-
65,952
Amortisation of intangible assets
1,879
2,769
Loss on disposal of intangible assets
214
139
Operating lease charges
297,260
295,977
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
45,700
42,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
51
54
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,715,007
5,508,306
-
0
-
0
Social security costs
493,289
474,295
-
-
Pension costs
110,002
100,815
-
0
-
0
6,318,298
6,083,416
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
281,130
278,448
Company pension contributions to defined contribution schemes
10,000
10,000
291,130
288,448
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
117,068
117,440
Company pension contributions to defined contribution schemes
10,000
10,000
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
11,675
5,535
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,675
5,535
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
2,558
4,560
10
Amounts written off investments
2023
2022
£
£
Loss on disposal of investments held at fair value
(1)
-
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
28,418
727,749
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
215,420
1,799,552
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
50,667
341,915
Tax effect of expenses that are not deductible in determining taxable profit
6,027
(2,595)
Unutilised tax losses carried forward
27
270
Depreciation on assets not qualifying for tax allowances
6,681
5,651
Amortisation on assets not qualifying for tax allowances
(106)
(708)
Effect of overseas tax rates
(34,808)
383,224
Tax at marginal rate
(70)
-
0
Tax effect of FX adjustments
-
0
(8)
Taxation charge
28,418
727,749
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
305,000
1,621,802
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
679,847
30,175
710,022
Amortisation and impairment
At 1 January 2023
679,847
26,375
706,222
Amortisation charged for the year
-
0
1,879
1,879
At 31 December 2023
679,847
28,254
708,101
Carrying amount
At 31 December 2023
-
0
1,921
1,921
At 31 December 2022
-
0
3,800
3,800
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Intangible fixed assets
(Continued)
- 26 -

The company has no intangible assets at 31 December 2023 or 31 December 2022.

14
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Computer software
Total
£
£
£
£
£
Cost
At 1 January 2023
96,000
82,158
73,173
73,290
324,621
Disposals
-
0
(5,443)
(6,266)
-
0
(11,709)
At 31 December 2023
96,000
76,715
66,907
73,290
312,912
Depreciation and impairment
At 1 January 2023
96,000
72,610
63,380
29,520
261,510
Depreciation charged in the year
-
0
4,715
3,183
24,430
32,328
Eliminated in respect of disposals
-
0
(5,307)
(6,127)
-
0
(11,434)
At 31 December 2023
96,000
72,018
60,436
53,950
282,404
Carrying amount
At 31 December 2023
-
0
4,697
6,471
19,340
30,508
At 31 December 2022
-
0
9,548
9,793
43,770
63,111

The company has no tangible assets at 31 December 2023 or 31 December 2022.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,154,636
1,154,636
Unlisted investments
106,887
106,888
65,778
65,778
106,887
106,888
1,220,414
1,220,414
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
106,888
Disposals
(1)
At 31 December 2023
106,887
Carrying amount
At 31 December 2023
106,887
At 31 December 2022
106,888
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,154,636
65,778
1,220,414
Carrying amount
At 31 December 2023
1,154,636
65,778
1,220,414
At 31 December 2022
1,154,636
65,778
1,220,414
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Calibre One Ltd
UK
Ordinary
100.00
-
Calibre One US Inc
USA
Ordinary
100.00
-
Calibre One Customer Equity Investment Plan, L.P
USA
Other
-
100.00
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,124,871
1,542,773
-
0
-
0
Corporation tax recoverable
101,544
20,136
-
0
-
0
Amounts owed by group undertakings
-
-
460
-
Other debtors
66,424
169,188
-
0
-
0
Prepayments and accrued income
171,743
149,297
-
0
-
0
1,464,582
1,881,394
460
-
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
39,081
11,652
-
0
-
0
Trade creditors
118,963
270,850
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
51,757
Other taxation and social security
78,856
68,340
-
-
Other creditors
61,757
55,720
460
2
Accruals and deferred income
627,620
881,396
-
0
-
0
926,277
1,287,958
460
51,759
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
-
0
39,081
-
0
-
0
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
110,002
100,815

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.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
C1 L Ordinary shares of £1 each
180,000
180,000
180,000
180,000
C1 Inc Ordinary shares of £1 each
180,000
180,000
180,000
180,000
360,000
360,000
360,000
360,000

 

22
Operating lease commitments
Lessee

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
2022
2023
2022
£
£
£
£
Within one year
315,038
258,524
-
-
Between two and five years
526,573
423,185
-
-
841,611
681,709
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
870,259
1,179,143
24
Related party transactions

As at the balance sheet date, the group owed the directors £19,582 (2022: £15,162), by way of a loan. No interest is accrued on the loan balance.

 

The group has taken exemption under FRS102 Section 33 from disclosing transactions with wholly owned subsidiaries.

CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
25
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
304,885
1,646,884
Adjustments for:
Investment income
(305,000)
(1,621,802)
Movements in working capital:
(Increase)/decrease in debtors
(460)
12,285
Decrease in creditors
(51,299)
(22,562)
Cash (absorbed by)/generated from operations
(51,874)
14,805
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
187,002
1,071,803
Adjustments for:
Taxation charged
28,418
727,749
Finance costs
2,558
4,560
Investment income
(11,675)
(5,535)
(Gain)/loss on disposal of tangible fixed assets
-
65,952
Loss on disposal of intangible assets
214
139
Amortisation and impairment of intangible assets
1,879
2,769
Depreciation and impairment of tangible fixed assets
32,328
34,248
Other gains and losses
1
-
Movements in working capital:
Decrease in debtors
498,495
928,317
Decrease in creditors
(389,110)
(965,293)
Cash generated from operations
350,110
1,864,710
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
1,132,774
(67,465)
(38,364)
1,026,945
Obligations under finance leases
(50,733)
11,652
-
(39,081)
1,082,041
(55,813)
(38,364)
987,864
CALIBRE ONE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
28
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
86,473
(51,874)
34,599
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