Company Registration No. 03441136 (England and Wales)
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LB GROUP
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
COMPANY INFORMATION
Directors
J F Corrigan-Stuart
G McKernan
W McKernan
J D Boast
Company number
03441136
Registered office
Level 15
30 St. Mary Axe
London
EC3A 8BF
Auditor
LB Group Limited (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of total comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

Strategic report for the year ended 31 December 2023

 

The Directors present their strategic report for Vantage IB Limited (the Company) for the year ended 31 December 2023.

 

Business Review

 

The Company’s principal activities as a broker are the provision of insurance products. There have been significant changes in the Company’s principal activities during the year.

 

In 2023, the Company sold its leisure business (comprising of its Club Care and Shield brands) to A-plan Insurance. The transaction completed on the 17th April 2023.

 

Starting in Q1 2023, the Company began the transition of migrating its remaining business operations to a related Group Company. This is part of a Group wide initiative to streamline legal entities, IT systems and processes. The Company will remain as a non-trading entity until it has been wound down and all regulatory requirements completed.

 

The Company is currently in a run-off position.

 

Admin expenses have decreased versus prior year mainly due to lower salary costs, no management charge and a significant reduction in the amortisation charge and loss on disposal of intangible assets following a recoverability review and the implementation of new systems in the prior year. The company also had lower computer running costs and advertising expenses than the prior year.

 

As a result of the above the Company’s operating loss decreased from £1,065,453 in 2022 to £321,275 for the year to 31 December 2023.

 

Key performance indicators

 

The results for the year and the financial position of the Company are as shown in the annexed financial statements.

 

 

2023

2022

Movement

 

£

£

£

%

Turnover

2,582,397

6,974,378

4,391,981

(63.0%)

Admin expenses

(2,903,672)

(8,142,031)

5,238,359

64.3%

Operating Loss

(321,275)

(1,065,453)

744,178

69.8%

 

 

 

 

 

 

Financial position at the reporting date

 

The statement of financial position shows that the Company’s net assets at the year-end have increased from £547,665 to £2,729,445

 

Future developments

 

As we finalise the transition of the remaining business operations to a related Group Company, the company will remain a non-trading entity until it can be wound down.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

 

As noted elsewhere in the report the transition of the business to a related Group Company is being finalised and the company is to be a non-trading entity until it can be wound down. The risks and uncertainties noted below will remain until this process is completed. Management continually monitors the key risks facing the Company together with assessing the controls used for managing these risks. The board of Directors formally reviews and documents the principal risks facing the business at least annually.

 

The principal risks and uncertainties facing the Company are as follows:

 

Competitor pressure

 

The market in which the Company operates is competitive and could result in the loss of sales to competitors. Fortunately, the Company’s business is broadly based with strong client relationships. Any threat to the Company’s stability through the loss of capacity is mitigated by long term relationships with significant notice of cancellation periods. The Company also manages this risk by providing quality products and excellent customer service.

 

Economic downturn

 

As with most businesses there is a risk of an economic downturn adversely affecting performance and profitability but we consider our risk to be small due to its highly specialist nature. Any risks are monitored through our close working relationships with our main partners and associations.

 

Liquidity risk

 

The Company's cash requirements are managed centrally at a Group level to maximise liquid resources to meet the operating needs of its business. The Company has no external borrowing. Client money is held with approved banks and cleared funds have to be available before payment is made.

 

Inflation risk

 

The Company closely manages costs in relation to the business, inflationary increases are mitigated through ongoing negotiations with vendors. The Company’s income pricing structures are reviewed to ensure they remain aligned to the inflation rate environment, providing further mitigation.

 

Interest rate risk

 

The Company operations are subject to the risk of interest rate fluctuations only as it affects interest earning assets.

 

Regulatory risk

 

Changes to the regulatory environment or requirements may result in intervention and financial or reputational loss. The Company mitigates these risks by ensuring that its governance and culture identify changes or issues at an early stage and allow the implementation of appropriate strategies to ensure compliance. A dedicated Group compliance function maintains open communication channels with the FCA.

 

Credit risk

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Debtor balances are monitored on an on-going basis and provision is made for doubtful debts where necessary.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Approval

 

This report was approved by the board and signed on its behalf by:

 

J D Boast
Director
23 December 2024
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activities of the Company are that of the provision of insurance services regulated by the Financial Conduct Authority. The Company continues to act as an insurance broker encompassing both retail and commercial business.

 

Treasury operations and financial instruments

The Company transacts its business primarily in Pound Sterling, with the remainder in Euros. The liquidity, interest and foreign currency risks associated with the Company's activities are managed centrally at a Group level. In addition, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. The Company's exposure to, and management of, financial risks is set out in the strategic report.

 

Future developments

As we finalise the transition of the remaining business operations to a related Group Company, the company will remain a non-trading entity until it can be wound down.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

J F Corrigan-Stuart
G McKernan
W McKernan
J D Boast
A Tailor
(Resigned 31 January 2023)
Qualifying third party indemnity provisions

The Company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for Directors and officers of the Company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceeding brought against them which relate to anything done or omitted or alleged to have been done or omitted, by them as officers or employees of the Company.

 

Appropriate Directors' and Officers' liability insurance cover was in place during the financial year and continues to be in place, in respect of all the Company's Directors.

Auditor

LB Group Limited (Chelmsford) were reappointed as auditor to the company.

Statement of disclosure to auditor

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

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J D Boast
Director
23 December 2024
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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

 

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

 

 

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

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
- 7 -
Opinion

We have audited the financial statements of Vantage IB Limited (Prev. Kingfisher Insurance Services Limited) (the 'Company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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.

Emphasis of matter - Financial statements prepared on a basis other than going concern.

We draw your attention to note 1.2 in the accountancy policies section of the financial statements which explains that material operations within the company have transferred to related group companies during the year. The company is in the process of winding down operations post year end with the intention of being removed from the registrar of companies. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is unmodified in this respect.

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:

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

 

Auditor's responsibilities for the audit of the financial statements

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

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
- 9 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including, but not limited to, 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:

 

 

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 directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
- 10 -

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.

Michael Warman
Senior Statutory Auditor
For and on behalf of LB Group Limited (Chelmsford)
23 December 2024
Chartered Accountants
Statutory Auditor
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
1,780,140
802,257
2,582,397
3,902,177
3,072,201
6,974,378
Administrative expenses
(1,389,383)
(1,514,289)
(2,903,672)
(6,126,322)
(2,015,709)
(8,142,031)
Other operating income
-
0
-
0
-
0
102,200
-
0
102,200
Operating loss
4
390,757
(712,032)
(321,275)
(2,121,945)
1,056,492
(1,065,453)
Interest receivable and similar income
8
26,189
-
0
26,189
9,329
-
0
9,329
Interest payable and similar expenses
9
(5,962)
-
0
(5,962)
(7,414)
-
0
(7,414)
Profit/(loss) on disposal of operations
- Discontinued Operation
-
3,246,941
3,246,941
-
-
-
Profit/(loss) before taxation
410,984
2,534,909
2,945,893
(2,120,030)
1,056,492
(1,063,538)
Tax on profit/(loss)
10
(764,113)
-
0
(764,113)
(87,146)
-
0
(87,146)
Profit/(loss) for the financial year
(353,129)
2,534,909
2,181,780
(2,207,176)
1,056,492
(1,150,684)
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
2,014
Tangible assets
13
27,410
75,462
Investments
14
200
200
27,610
77,676
Current assets
Debtors falling due after more than one year
16
227,000
122,141
Debtors falling due within one year
16
12,434,816
6,055,645
Cash at bank and in hand
1,324,165
3,233,687
13,985,981
9,411,473
Creditors: amounts falling due within one year
17
(11,234,926)
(8,892,264)
Net current assets
2,751,055
519,209
Total assets less current liabilities
2,778,665
596,885
Provisions for liabilities
Provisions
18
49,220
49,220
(49,220)
(49,220)
Net assets
2,729,445
547,665
Capital and reserves
Called up share capital
21
200
200
Profit and loss reserves
2,729,245
547,465
Total equity
2,729,445
547,665

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

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
J D Boast
Director
Company registration number 03441136 (England and Wales)
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
200
1,698,149
1,698,349
Year ended 31 December 2022:
Loss and total comprehensive income
-
(1,150,684)
(1,150,684)
Balance at 31 December 2022
200
547,465
547,665
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,181,780
2,181,780
Balance at 31 December 2023
200
2,729,245
2,729,445
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Vantage IB Limited (Prev. Kingfisher Insurance Services Limited) is a private company limited by shares incorporated in the United Kingdom. The registered office is Level 15, 30 St. Mary Axe, London, EC3A 8BF.

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

The principal accounting policies adopted are set out below.

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

 

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures:

 

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The company is a wholly-owned subsidiary of Riser Holdings LP, a company registered in Delaware, USA, and is included in the consolidated financial statements of this company, which are publicly available. Consequently, the company has taken advantage of the exemption from preparing consolidated financial statements under the terms of section 401 of the Companies Act 2006. The accounts for Riser Holdings LP are available at; 520 Madison Avenue, New York, NY 10019.

 

As a wholly-owned subsidiary of Riser Holdings LP, and a qualifying entity, the Company has taken advantage of the exemption offered by FRS 102 "Related Party Disclosures" not to disclose transactions with wholly owned subsidiary undertakings.

1.2
Going concern

These financial statements have been prepared on an alternative basis due to the fact that during the year material business operations have been transferred to a related group company. As a result of this the company will be winding down and act as a non trading company. true

1.3
Turnover

Brokerage and commissions are accounted for and credited to income when they become receivable on receipt of an order. Revenue is adjusted for cancellations and mid-term adjustments where material. The Company has no post-placement obligations in relation to recognising brokerage and commission at receipt of order.

 

Profit commissions are recognised on a periodic basis before consideration due is confirmed by third parties.

Contributions to marketing costs are also included within turnover as they directly relate to the brokerage income of the company.

 

Income received from bank interest is shown separately from turnover.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible assets

Intangible assets include the cost of the Crusader business acquired during 2009 which has now been fully amortised. Certain software is also included within intangible assets.

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

Software
3 Years Straight Line

Intangible fixed assets were transferred at their carrying value as apart of the operational restructure post year end referred too in note 1.2.

1.5
Tangible 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 of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 Years Straight Line
Computers
3 Years Straight Line
Motor vehicles
4 Years Straight Line

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

Tangible fixed assets were transferred at their carrying value as apart of the operational restructure post year end referred too in note 1.2.

1.6
Fixed asset investments

Investments in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash at bank and in hand

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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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.

Insurance debtors and creditors

The Company acts as an agent in broking the insurable risks of its clients and generally, is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the Company has followed the recognition criteria of FRS 102 by not recognising debtors and creditors relating to insurance business.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 company 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 company 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.

 

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.

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.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The company operates a defined contribution pension scheme. Contributions to the pension scheme are charged to the profit and loss account in the year to which they relate.

1.13
Retirement benefits

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

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Leases

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 leases asset are consumed.

1.15
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.

1.16

Accrued income

Accrued income representing brokerage earned is included in the balance sheet as an amount due in less than a year.

1.17

Deferred income

Where income relates to periods after the year end, the portion relating to future periods is deferred in the financial statements and recognised in the respective year.

1.18

Client money

Cash for settlement of insurance transactions is held in accordance with FCA regulations. The cash balances are recognised as assets of the Company with the corresponding insurance liabilities recognised within creditors.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of group loans

The Company makes an estimate of the recoverable value of the group loans. When assessing the impairment of the group loans management considers whether there is objective evidence of impairment including:

 

- observable data including that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets.

Recoverability of receivables

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

 

 

3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
26,189
9,329
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,899)
(8,512)
Depreciation of owned tangible fixed assets
44,660
98,727
(Profit)/loss on disposal of tangible fixed assets
(3,500)
22,571
Amortisation of intangible assets
4,714
718,233
(Profit)/loss on disposal of intangible assets
-
432,708
Operating lease charges
122,960
120,992
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
57,500
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 45

2023
2022
Number
Number
Directors
4
4
Senior management
9
9
Line managers
11
11
Permanent staff
21
63
Total
45
87

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,598,419
2,951,784
Social security costs
192,178
349,991
Pension costs
108,540
148,971
1,899,137
3,450,746
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
567,933
-
0
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
567,933
-
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
26,189
9,329
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Interest receivable and similar income
(Continued)
- 22 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
26,189
9,329
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,962
7,414
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
764,113
87,146

The applicable tax rate changed in the current period on 1 April 2023 from 19% to 25%.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
Profit/(loss) before taxation
2,945,893
(1,063,538)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
692,874
(202,072)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
300
Tax effect of utilisation of tax losses not previously recognised
-
0
453,183
Adjustments in respect of prior years
(72)
-
0
Group relief
-
0
291,834
Permanent capital allowances in excess of depreciation
(762,041)
-
0
Research and development tax credit
-
0
2,229
Other permanent differences
-
0
(22,308)
Deferred tax adjustments in respect of prior years
-
0
(2)
Rate change
183
102,258
Deferred tax not provided for
(39,462)
(339,424)
Hybrid and other mismatches adjustment
108,933
(198,852)
Chargeable gains/(losses)
763,698
-
0
Taxation charge for the year
764,113
87,146
11
Discontinued operations
Discontinued Operation

In 2023, the Company sold its leisure business (comprising of its Club Care and Shield brands) to A-plan Insurance. Which contributed post tax profit of £2,534,909 (2022: £1,056,492). The profit on disposal of £3,246,941 was recognised within the profit and loss account.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Intangible fixed assets
Brand
Software
Total
£
£
£
Cost
At 1 January 2023
511,750
63,179
574,929
Additions
-
0
2,700
2,700
At 31 December 2023
511,750
65,879
577,629
Amortisation and impairment
At 1 January 2023
511,750
61,165
572,915
Amortisation charged for the year
-
0
4,714
4,714
At 31 December 2023
511,750
65,879
577,629
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
2,014
2,014
13
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
281,257
34,421
34,440
350,118
Disposals
-
0
-
0
(12,390)
(12,390)
At 31 December 2023
281,257
34,421
22,050
337,728
Depreciation and impairment
At 1 January 2023
222,416
21,192
31,048
274,656
Depreciation charged in the year
41,409
3,251
-
0
44,660
Eliminated in respect of disposals
-
0
-
0
(8,998)
(8,998)
At 31 December 2023
263,825
24,443
22,050
310,318
Carrying amount
At 31 December 2023
17,432
9,978
-
0
27,410
At 31 December 2022
58,841
13,229
3,392
75,462
14
Fixed asset investments
2023
2022
£
£
Unlisted investments
200
200
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
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
Classic Insurance Services Limited
Level 15, 30 St. Mary Axe, London, England, EC3A 8BF
Ordinary
100.00
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,102
357,798
Amounts owed by group undertakings
12,233,638
5,478,196
Other debtors
128,335
98,329
Prepayments and accrued income
62,741
121,322
12,434,816
6,055,645
2023
2022
Amounts falling due after more than one year:
£
£
Accrued income
227,000
122,141
Total debtors
12,661,816
6,177,786
17
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,516
727,362
Amounts owed to group undertakings
10,285,032
7,603,107
Corporation tax
851,259
87,146
Other creditors
-
0
46,904
Accruals and deferred income
67,119
427,745
11,234,926
8,892,264
VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Provisions for liabilities
2023
2022
£
£
Dilapidation provision
27,400
27,400
Lease provision
21,820
21,820
49,220
49,220
Movements on provisions:
Dilapidation provision
Lease provision
Total
£
£
£
At 1 January 2023 and 31 December 2023
27,400
21,820
49,220

Dilapidation provision

 

As part of the Company's rental arrangement there is an obligation to return the land back to its original state. The estimated final costs is capitalised and amortised to profit and loss over the life of the lease.

Onerous lease provision

 

Where leasehold properties became vacant, the Company provides for all costs to the end of the lease. This provision relates to the office property in Brentwood which was vacated in 2020 and was surplus to the Company's requirements. The provision is expected to be utilised over a life of the related lease.

19
Cash at bank and in hand

All insurance funds are held in accordance with the regulations of the Financial Conduct Authority. At 31 December 2023, the funds held in such accounts totalled £1,319,471 (2022: £3,101,809). Funds held in relation to bonds are not held in non-statutory trust accounts.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,540
148,971

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

VANTAGE IB LIMITED (PREV. KINGFISHER INSURANCE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Voting shares of 10p each
1,000
1,000
100
100
Ordinary non-voting shares of 10p each
1,000
1,000
100
100
2,000
2,000
200
200
22
Financial commitments, guarantees and contingent liabilities

Following the year end the company made a voluntary disclosure to HMRC in respect of the application of the Hybrids and Other Mismatches legislation. The disclosure has led to a payment on account by the immediate parent against historical tax liabilities already recorded in these financial statements. With the matter ongoing there is the potential for further liabilities to arise which are not recorded in these financial statements. As at the date of sign off of these financial statements further liabilities are contingent upon HMRC’s assessment of the disclosures made.

 

 

23
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
36,000
36,000
Between two and five years
180,000
192,083
In over five years
-
0
23,917
216,000
252,000
24
Ultimate controlling party

At the reporting date immediate control of the company is held by Kingfisher UK Holdings Limited, a company registered in England & Wales. The ultimate controlling party is Carlyle Partners VIII Holdings III, L.P. (Delaware Partnership), a company incorporated in the US.

 

The financial statements of the company are consolidated in the financial statements of Riser Holdings LP, a company incorporated in the US with the registered office 520 Madison Avenue, New York, NY 10019. This represents the smallest group of undertakings for which consolidated financial statements are prepared. These consolidated accounts are available from its registered office.

 

At the reporting date the Company's ultimate parent undertaking is Carlyle Partners VIII Holdings III, L.P. (Delaware Partnership), a company incorporated in the US with the registered office Corporation Trust Center 1209 Orange St, Wilmington, DE. This represents the largest group of undertakings for which consolidated financial statements are prepared.

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