Company Registration No. 03566725 (England and Wales)
SPEED MEDICAL EXAMINATION SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
SPEED MEDICAL EXAMINATION SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr I D Robins
Ms S Henry
Company number
03566725
Registered office
Speed Medical House
16 Eaton Avenue
Matrix Park
Chorley
Lancashire
PR7 7NA
Auditor
LB Group Limited (Colchester)
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
Bankers
RBS
1 Hardman Blvd
Manchester
M3 3AQ
SPEED MEDICAL EXAMINATION SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of total comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
SPEED MEDICAL EXAMINATION SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report together with the audited financial statements for the year ended 31 May 2024.
Principal activities and business review
The principal activity of the Company during the year was the provision of medical reports and rehabilitation
services.
The Statement of Comprehensive Income shows that the Company achieved turnover of £31,528,551, an
increase of 19%, in the year compared to £26,520,112 in the previous year.
The very pleasing increase in both revenues and operating profit in the year arose mainly as a result of the investment in the clinical negligence and large loss claims offering. The company has invested heavily in having available to customers an unrivaled panel of independent expert witnesses as well as investing in staff and IT resources to facilitate the service offering.
Overall the Directors are satisfied with the performance of the business during the year. The financial position of the Company is shown in the Statement of Financial Position
Principal risks and uncertainties
The Medco portal, introduced in April 2015, has adversely affected the Company’s ability to compete on the basis of quality of service provision. The Company therefore has to continue to preserve and then grow market share by increasing activity in non Medco regulated services, in particular, the increased provision of clinical negligence and large loss claims services.
Credit risk
The Company's principal financial asset is trade debtors. In order to manage credit risk the Directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The Company continues to seek new sources of referrals to diversify its portfolio of customers and hence dilute individual customer credit risk to the business.
The credit terms agreed with customers can typically be greater than one year due to the timescales involved in settling the underlying cases which results in a significant level of working capital being absorbed by the business.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by invoice financing arrangements.
Interest rate and cash flow risk
The Company finances its operations through bank borrowings which are subject to interest at a margin above bank base rate and as such the group has an interest rate risk in the event of bank base rate increasing.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Key performance indicators
The day to day key performance indicators of the business are monitored and measured and include the
following categories:
• New instructions received and processed;
• Number of appointments booked;
• Medical reports and rehabilitation services delivered;
• Level of cash received and time taken to collect;
• Gross profit for the year of £13,106,009 (2023 - £9,883,309); and
• Profit before tax for the year of £3,121,255 (2023 - £814,711).
Future Developments
The Company's future plan is to try and ensure it at least retains its market share and strong sales against abackdrop of legislative change. The new rules introduced on 31 May 2021 in relation to the increase in the small claims limit for road traffic accident personal injury claims to £5,000 has resulted in lower claims volumes. Furthermore, the reduction in the number of accidents brought about by the change in economic activity and traffic volumes as a result of the Covid pandemic has led to a materially lower number of potential instructions from the businesses historic core market. Whilst there has been a reduction in the overall volumes of work available there has been a contraction in the number of suppliers. The Directors have allowed for potential reductions in volumes of road traffic accident instructions within their flexed and stress tested budgets when carrying out their going concern review.
The Company will continue to win new business from its competitors by providing unrivalled service to its customers through the use of sophisticated information technology system, good customer service by retaining experienced staff and by offering new services where it can profitably do so.
Mr I D Robins
Director
3 February 2025
SPEED MEDICAL EXAMINATION SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
The directors present their report and the audited financial statements for the year ended 31 May 2024.
Business review
A review of the business and its principal risks and uncertainties set out in the Strategic Report.
Results and dividends
The profit for the year, after taxation, amounted to £2,055,453 (2023 - £711,163).
A dividend of £540,000 (2023 - £540,000) was paid during the year.
Directors
The Directors who served during the year were:
Mr I D Robins
Ms S Henry
Qualifying third party indemnity provisions
Directors' and officers' insurance cover has been established for all Directors to provide appropriate cover for their reasonable actions on behalf of the Company. The insurance was in force throughout the financial year ended 31 May 2024 and remains in force for all of the current and past Directors of the Company.
Auditor
The auditor, LB Group Limited (Colchester), is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Going concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 2.3 to in the financial statements.
The Whiplash Reform Program introduced on 31 May 2022 led to a significant reduction in the number of personal injury claims arising from road traffic accidents. Historically this had been the company's largest market for receipt of instructions. Over the last couple of years the company has successfully diversified and strengthened its offering of other services, in particular clinical negligence and large loss medical reports and ancillary services. The growth in revenue and profitability witnessed in year ended 31 May 2024 is testament to this very successful transition. This change has significantly reduced the reliance upon and risk arising from the reduction in road traffic accident associated claims.
The Directors have prepared detailed budgets and cash flows based on the circumstances known at the time of their preparation for a period beyond the next 12 months. The budgets and cash flows take into account management’s expectations of road traffic accident volumes following the introduction of the aforementioned Whiplash Reform Program as well as expectations around the ending of the COVID pandemic restrictions and impact on the Company in respect of volumes of instructions, and the manner in which it operates. The assumptions used have been flexed so as to stress test the budgets to enable the Directors to continue to have a reasonable expectation that the company can remain as a going concern.
Having considered reasonable worse case scenarios the Directors have Company can meet its obligations as they fall due. For these reasons, having taken all factors into account, the financial statements have been prepared on a going concern basis.
Matters covered in the Strategic Report
Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report accordance with S414C(11) as the Director considers them to be of strategic importance to the Company.
On behalf of the board
Mr I D Robins
Director
3 February 2025
SPEED MEDICAL EXAMINATION SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEED MEDICAL EXAMINATION SERVICES LIMITED
- 6 -
Opinion
We have audited the financial statements of Speed Medical Examination Services Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the statement of financial position, 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:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEED MEDICAL EXAMINATION SERVICES LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEED MEDICAL EXAMINATION SERVICES LIMITED
- 8 -
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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
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:
SPEED MEDICAL EXAMINATION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEED MEDICAL EXAMINATION SERVICES LIMITED
- 9 -
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Shaun Roberts
Senior Statutory Auditor
For and on behalf of LB Group Limited (Colchester)
3 February 2025
Chartered Accountants
Statutory Auditor
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
SPEED MEDICAL EXAMINATION SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
31,528,551
26,520,112
Cost of sales
(18,422,542)
(16,636,803)
Gross profit
13,106,009
9,883,309
Administrative expenses
(8,097,619)
(7,613,719)
Operating profit
4
5,008,390
2,269,590
Interest receivable and similar income
7
647,989
446,410
Interest payable and similar expenses
8
(2,535,124)
(1,901,289)
Profit before taxation
3,121,255
814,711
Tax on profit
10
(1,065,802)
(103,548)
Profit for the financial year
2,055,453
711,163
The income statement has been prepared on the basis that all operations are continuing operations.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
781,862
692,110
Tangible assets
12
1,479,807
1,503,382
Investments
14
630,303
630,303
2,891,972
2,825,795
Current assets
Stocks
17
522,550
592,655
Debtors
18
77,849,048
71,295,167
Cash at bank and in hand
69,509
69,176
78,441,107
71,956,998
Creditors: amounts falling due within one year
19
(40,960,266)
(36,532,345)
Net current assets
37,480,841
35,424,653
Total assets less current liabilities
40,372,813
38,250,448
Creditors: amounts falling due after more than one year
20
(8,396,412)
(7,815,019)
Provisions for liabilities
Deferred tax liability
23
231,506
205,987
(231,506)
(205,987)
Net assets
31,744,895
30,229,442
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
31,743,895
30,228,442
Total equity
31,744,895
30,229,442
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 3 February 2025 and are signed on its behalf by:
Mr I D Robins
Director
Company registration number 03566725 (England and Wales)
SPEED MEDICAL EXAMINATION SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
30,057,279
30,058,279
Year ended 31 May 2023:
Profit and total comprehensive income
-
711,163
711,163
Dividends
11
-
(540,000)
(540,000)
Balance at 31 May 2023
1,000
30,228,442
30,229,442
Year ended 31 May 2024:
Profit and total comprehensive income
-
2,055,453
2,055,453
Dividends
11
-
(540,000)
(540,000)
Balance at 31 May 2024
1,000
31,743,895
31,744,895
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
1
Accounting policies
Company information
Speed Medical Examination Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Speed Medical House, 16 Eaton Avenue, Matrix Park, Chorley, Lancashire, PR7 7NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of FL 360 Limited. These consolidated financial statements are available from Companies house, Crown way, Cardiff, CF14 3UZ.
1.2
Going concern
The business has traded profitably for many years and continues to do so. The company is part of the parent undertaking banking facilities, which have recently been renewed and increased.true
The financial position of the Company is shown in the Statement of Financial Position.
Having considered reasonable worse case scenarios the Directors have a reasonable expectation that the Company can meet its obligations as they fall due. For these reasons, having taken all factors into account, the financial statements have been prepared on a going concern basis.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover relates to the provision of medical reports and rehabilitation service predominantly to the legal profession. Turnover is recognised at the point of delivery of the service with fair value provision (see note 2) made as appropriate. Turnover is generated in the United Kingdom and from one class of business.
Revenue from contracts for the provision of medical reports and rehabilitation services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Interest Income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
1.4
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.
The estimated useful lives range as follows:
Software costs
6 years
1.5
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
Depreciation is provided on the following basis:
Leasehold land and buildings
Over term of lease
Office equipment
15-33% per annum
Fixtures and fittings
15% - 20% per annum
Motor vehicles
25% per annum
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
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.
1.8
Stocks
Stock represents work in progress, which is the cost incurred in respect of cases which have not been completed and invoiced at the reporting date. This cost will include the own labour and overhead costs incurred at the year end but not yet invoiced, in respect of cases ongoing at the reporting date.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
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 statement of financial position 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.
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.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than its legal form.
The Company’s cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
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.
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 company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.12
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 income statement 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 income statement, 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 statement of financial position 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 leases asset are consumed.
1.15
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fair value provision
Judgement is required on the adequacy of fair value provision held against trade debtors. The group makes provisions for waivered referrals and expected recoveries using reliable past source data based on the average attrition rate.
Work in progress
Judgement is required to determine the overhead absorption rate applied, as well as the stage of completion of jobs in progress at the year end. These calculations form the work in progress figure within the financial statements.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
647,989
446,410
Turnover has been generated only within the United Kingdom and within one class of business, being the principal activity of the Company.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
71,886
60,072
Depreciation of tangible fixed assets held under finance leases
48,820
27,134
Profit on disposal of tangible fixed assets
(5,941)
-
Amortisation of intangible assets
169,600
116,183
Operating lease charges
257,492
262,271
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
22,250
For other services
Taxation compliance services
2,500
2,250
All other non-audit services
2,000
2,000
4,500
4,250
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
4
4
Administrative
197
182
Total
201
186
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,265,697
4,832,698
Social security costs
481,901
474,227
Pension costs
159,860
267,944
5,907,458
5,574,869
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
647,989
446,410
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,324,451
771,693
Related party interest
1,177,758
1,123,451
Interest on finance leases and hire purchase contracts
14,950
6,145
Other interest
17,965
2,535,124
1,901,289
9
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
221,667
220,000
Company pension contributions to defined contribution schemes
30,250
30,000
251,917
250,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
221,667
220,000
Company pension contributions to defined contribution schemes
30,250
30,000
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,034,711
62,509
Adjustments in respect of prior periods
5,572
Total current tax
1,040,283
62,509
Deferred tax
Origination and reversal of timing differences
25,519
41,039
Total tax charge
1,065,802
103,548
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,121,255
814,711
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
780,314
162,942
Tax effect of expenses that are not deductible in determining taxable profit
47,478
21,467
Adjustments in respect of prior years
5,572
Group relief
(34,383)
(274,506)
Permanent capital allowances in excess of depreciation
(53,138)
(72,084)
Change in unrecognised deferred tax
25,519
41,039
Non-trade loan relationship debits not relievable
294,440
224,690
Taxation charge for the year
1,065,802
103,548
11
Dividends
2024
2023
£
£
Final paid
540,000
540,000
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
12
Tangible fixed assets
Leasehold land and buildings
Office equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
1,384,181
538,147
826,678
159,099
2,908,105
Additions
23,268
1,709
176,883
201,860
Disposals
(466,924)
(298,250)
(122,609)
(887,783)
At 31 May 2024
1,384,181
94,491
530,137
213,373
2,222,182
Depreciation
At 1 June 2023
269,670
513,115
604,747
17,191
1,404,723
Depreciation charged in the year
13,842
10,822
47,222
48,820
120,706
Eliminated in respect of disposals
(466,924)
(298,250)
(17,880)
(783,054)
At 31 May 2024
283,512
57,013
353,719
48,131
742,375
Carrying amount
At 31 May 2024
1,100,669
37,478
176,418
165,242
1,479,807
At 31 May 2023
1,114,511
25,032
221,931
141,908
1,503,382
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
165,242
141,908
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
13
Intangible fixed assets
Software costs
£
Cost
At 1 June 2023
1,259,393
Additions
259,352
Disposals
(380,937)
At 31 May 2024
1,137,808
Amortisation and impairment
At 1 June 2023
567,283
Amortisation charged for the year
169,600
Disposals
(380,937)
At 31 May 2024
355,946
Carrying amount
At 31 May 2024
781,862
At 31 May 2023
692,110
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
630,303
630,303
15
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
D A C H Limited
England
Ordinary
100.00
The registered address of the above subsidiary undertaking is Speed Medical House, Matrix Park, Chorley, Lancashire, England, PR7 7NA.
16
Associates
Details of the company's associates at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Soter Professional Services Limited
England
Ordinary
30.00
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
17
Stocks
2024
2023
£
£
Work in progress
522,550
592,655
The difference between purchase price or production cost of stocks and their replacement cost is not material.
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,708,798
29,573,166
Amounts owed by group undertakings
32,818,331
31,590,379
Other debtors
9,326,634
8,670,182
Prepayments and accrued income
995,285
1,461,440
77,849,048
71,295,167
Amounts owed by group undertakings are interest free and repayable on demand.
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21
21,714,554
16,982,074
Obligations under finance leases
22
52,211
57,291
Trade creditors
12,772,386
12,010,897
Amounts owed to group undertakings
18,713
7,478
Corporation tax
1,082,878
232,558
Other taxation and social security
154,149
136,189
Other creditors
153,009
97,014
Accruals and deferred income
5,012,366
7,008,844
40,960,266
36,532,345
Bank overdrafts are secured by a fixed and floating charge over all assets of the Company.
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
22
142,387
138,752
Amounts owed to related parties
21
8,254,025
7,676,267
8,396,412
7,815,019
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
21
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
21,714,554
16,982,074
Loans from related parties
8,254,025
7,676,267
29,968,579
24,658,341
Payable within one year
21,714,554
16,982,074
Payable after one year
8,254,025
7,676,267
22
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
52,211
57,291
In two to five years
142,387
138,752
194,598
196,043
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
235,138
219,702
Short term timing differences
(3,632)
(13,715)
231,506
205,987
2024
Movements in the year:
£
Liability at 1 June 2023
205,987
Charge to profit or loss
25,519
Liability at 31 May 2024
231,506
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of 1p each
50,000
50,000
500
500
'B' ordinary shares of 1p each
50,000
50,000
500
500
100,000
100,000
1,000
1,000
Return of capital
The proceeds arising on a return of assets on liquidation or otherwise the assets of the Company remaining after payment of its liabilities, shall be distributed as follows:
a) Firstly, in paying holders of A Shares the aggregate sum of £60,000,000, pro rate to the number of shares held by them; and
b)Thereafter, in paying the balance to the holders of A and B Shares pro rate to the number of shares held by them
Dividends
The A Shares and the B Shares shall be entitled to receive dividends, save that the company may declare a dividend in respect of one class and not in respect of the other class of shares or declare a dividend of differing amounts in respect of each class of shares.
Voting rights
Full voting rights.
25
Reserves
The Company’s capital and reserves are as follows:
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
26
Financial commitments, guarantees and contingent liabilities
The company, along with other subsidiary undertakings, is a party to an invoice financing arrangement. The company has provided a debenture in favour of the lender. The company had a negative balance of £21,714,554 at the year end. The total group borrowing as at 31 May 2024 was £24,505,078 (2023: £20,561,260).
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
27
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:
2024
2023
£
£
Within one year
254,588
257,183
Between two and five years
735,938
739,621
In over five years
402,073
568,448
1,392,599
1,565,252
28
Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £159,859 (2023 - £247,944). Contributions totalling £67,120 (2023 - £44,700) were payable to the fund at the reporting date and are included in creditors.
29
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Fellow members of the group
32,818,832
31,590,379
18,713
7,478
Related parties
8,715,235
8,066,479
4,002
5,319
Shareholder
8,254,025
7,676,267
Balances of £683,980 included within amounts owed by related parties are charged interest at a rate of the Bank of England base rate plus 2%.
Balances of £1,158,511 included within amounts owed by related parties are charged interest at a rate of the Bank of England base rate plus 4%.
Balances of £6,425,136 included within amounts owed by related parties are charged interest at a rate of 2%.
Balances of £29,928 included within amounts owed by related parties are charged interest at a rate of the Bank of England base rate plus 2%.
Balances of £8,254,025 included within amounts owed to shareholder are charged interest at a rate of 15% per annum.
All other balances are interest free.
All amounts are repayable on demand.
SPEED MEDICAL EXAMINATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
30
Ultimate controlling party
The ultimate controlling party is Dr Rajnish Luthra. The ultimate parent company is FL 360 Limited, a company incorporated in England and Wales and holds the same registered address as the Company set out on the Company information page.
FL 360 Limited is the smallest and largest group in which the Company’s results are consolidated. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
FL 360 Limited owns 87.5% of the share capital of Speed Medical Examination Services Limited and Dr Rajnish Luthra owns the remaining 12.5%. Dr Rajnish Luthra has remained the ultimate controlling party of Speed Medical Examination Services by virtue of his 50% shareholding in FL 360 Limited and 100% ownership of NNN Investments Limited. NNN Investments Limited is a company incorporated in England and Wales, and has same registered address as the Company set out on the Company Information page. NNN Investments owns the remaining 50% of the share capital of FL 360 Limited.
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