Company registration number 11921555 (England and Wales)
VANTAGEPOINT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
VANTAGEPOINT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M D Benaron
Mr D M Sillett
Company number
11921555
Registered office
6th Floor 12 Moorgate
London
EC2R 6DA
Auditor
MMBA London Ltd
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
VANTAGEPOINT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
VANTAGEPOINT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

VantagePoint Holdings Limited is a finance transformation consultancy, based in London, with subsidiaries in the USA, Singapore, Norway, Netherlands and Romania. The directors are pleased to report that the Group’s results and financial position for the year ended 31 December 2023 represented strong growth from the prior year, with revenue increasing 42.2% from £10.6m to £15.0m. Growth has been achieved through strengthening UK performance, together with continued investment in foreign subsidiaries.

The Group has cash reserves of £1.0m, up from £0.7m at 31 December 2022, which provides the Group with adequate funds which meet the day to day spending requirements, as well as make investments where it sees fit.

Principal risks and uncertainties

The Group’s principal risks and uncertainties are considered to be those which arise from its use of financial instruments as the Group continues to expand.

Financial instruments

The Group’s principal financial statements comprise trade debtors, trade creditors and bank balances. The main purpose of these instruments is to fund the Group’s operations and expansion. Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet financial obligations as they fall due. In respect of bank balances, liquidity risk is managed by maintaining the balance between the continuity of funding and flexibility through current accounts.

Key performance indicators

The key financial indicators against which the directors measure the company's performance are revenue growth, gross profit margin, employee utilisation and average daily rates. Revenue growth stands at 42.2% (2022: 66.5%), the gross profit margin stands at 45.0% (2022: 58.2%), employee utilisation stands at 63% (2022: 80%) and average daily rates stand at £1,165 (2022: £1,174) to the satisfaction of the directors.

On behalf of the board

Mr M D Benaron
Director
11 February 2025
VANTAGEPOINT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of providing IT consultancy services.

Results and dividends

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:

Mr M D Benaron
Mr D M Sillett
Auditor

In accordance with the company's articles, a resolution proposing that MMBA London Ltd be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr M D Benaron
Director
11 February 2025
VANTAGEPOINT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

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

 

 

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

VANTAGEPOINT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANTAGEPOINT HOLDINGS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other matter

We draw attention to the fact that the financial statements of VantagePoint Holdings Limited for the year ended 31 December 2023 are being audited for the first time. The comparative figures presented for the prior year have not been audited, and we do not express an opinion or provide any assurance on them.

 

Our opinion on the current year’s financial statements is not modified in respect of this matter.

 

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.

VANTAGEPOINT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGEPOINT HOLDINGS LIMITED
- 5 -

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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

VANTAGEPOINT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGEPOINT HOLDINGS LIMITED
- 6 -
Auditor's responsibilities for the audit of the financial statements

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

 

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

 

 

We assessed the extent of compliance with the laws and regulations identified above through:

 

 

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:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

VANTAGEPOINT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANTAGEPOINT HOLDINGS LIMITED
- 7 -

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.

Mr Waqqas Shabir Memon, BSc, FCCA (Senior Statutory Auditor)
For and on behalf of MMBA London Ltd
12 February 2025
Chartered Certified Accountants &
Statutory Auditor
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
VANTAGEPOINT HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
15,012,889
10,561,274
Cost of sales
(8,253,300)
(4,414,575)
Gross profit
6,759,589
6,146,699
Administrative expenses
(5,662,621)
(3,446,800)
Other operating income
138
-
Operating profit
4
1,097,106
2,699,899
Interest receivable and similar income
7
49
60
Profit before taxation
1,097,155
2,699,959
Tax on profit
8
(570,885)
315,172
Profit for the financial year
526,270
3,015,131
VANTAGEPOINT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
526,270
3,015,131
Other comprehensive income
Currency translation loss taken to retained earnings
(33,858)
(15,609)
Total comprehensive income for the year
492,412
2,999,522
VANTAGEPOINT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
264,228
146,082
Current assets
Debtors
13
8,973,054
4,352,866
Cash at bank and in hand
1,020,517
651,555
9,993,571
5,004,421
Creditors: amounts falling due within one year
14
(7,844,436)
(3,276,567)
Net current assets
2,149,135
1,727,854
Total assets less current liabilities
2,413,363
1,873,936
Provisions for liabilities
Deferred tax liability
15
65,459
18,444
(65,459)
(18,444)
Net assets
2,347,904
1,855,492
Capital and reserves
Called up share capital
17
2
2
Profit and loss reserves
2,347,902
1,855,490
Total equity
2,347,904
1,855,492

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

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
11 February 2025
Mr M D Benaron
Director
Company registration number 11921555 (England and Wales)
VANTAGEPOINT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
261,986
146,066
Investments
11
90
90
262,076
146,156
Current assets
Debtors
13
9,648,771
4,568,285
Cash at bank and in hand
658,444
390,147
10,307,215
4,958,432
Creditors: amounts falling due within one year
14
(7,223,384)
(3,164,472)
Net current assets
3,083,831
1,793,960
Total assets less current liabilities
3,345,907
1,940,116
Provisions for liabilities
Deferred tax liability
15
65,459
18,444
(65,459)
(18,444)
Net assets
3,280,448
1,921,672
Capital and reserves
Called up share capital
17
2
2
Profit and loss reserves
3,280,446
1,921,670
Total equity
3,280,448
1,921,672

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,358,776 (2022: £2,946,211).

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 11 February 2025 and are signed on its behalf by:
11 February 2025
Mr M D Benaron
Director
Company registration number 11921555 (England and Wales)
VANTAGEPOINT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
1,855,968
1,855,970
Year ended 31 December 2022:
Profit for the year
-
3,015,131
3,015,131
Other comprehensive income:
Currency translation differences
-
(15,609)
(15,609)
Total comprehensive income
-
2,999,522
2,999,522
Dividends
9
-
(3,000,000)
(3,000,000)
Balance at 31 December 2022
2
1,855,490
1,855,492
Year ended 31 December 2023:
Profit for the year
-
526,270
526,270
Other comprehensive income:
Currency translation differences
-
(33,858)
(33,858)
Total comprehensive income
-
492,412
492,412
Balance at 31 December 2023
2
2,347,902
2,347,904
VANTAGEPOINT HOLDINGS LIMITED
COMPANY 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
2
1,975,459
1,975,461
Year ended 31 December 2022:
Profit for the year
-
2,946,211
2,946,211
Dividends
9
-
(3,000,000)
(3,000,000)
Balance at 31 December 2022
2
1,921,670
1,921,672
Year ended 31 December 2023:
Profit for the year
-
1,358,776
1,358,776
Balance at 31 December 2023
2
3,280,446
3,280,448
VANTAGEPOINT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
491,733
1,434,069
Income taxes refunded/(paid)
351,849
(56,501)
Net cash inflow from operating activities
843,582
1,377,568
Investing activities
Purchase of tangible fixed assets
(221,356)
(157,356)
(Drawing)/repayment of director's loan
(219,455)
1,847
Interest received
49
60
Net cash used in investing activities
(440,762)
(155,449)
Financing activities
Dividends paid
-
(1,500,000)
Net cash used in financing activities
-
(1,500,000)
Net increase/(decrease) in cash and cash equivalents
402,820
(277,881)
Cash and cash equivalents at beginning of year
651,555
945,045
Effect of foreign exchange rates
(33,858)
(15,609)
Cash and cash equivalents at end of year
1,020,517
651,555
VANTAGEPOINT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
382,150
1,151,936
Income taxes refunded/(paid)
315,172
(19,824)
Net cash inflow from operating activities
697,322
1,132,112
Investing activities
Purchase of tangible fixed assets
(209,570)
(139,384)
(Drawing)/repayment of director's loan
(219,455)
1,847
Net cash used in investing activities
(429,025)
(137,537)
Financing activities
Dividends adjusted/paid
-
(1,500,000)
Net cash used in financing activities
-
(1,500,000)
Net increase/(decrease) in cash and cash equivalents
268,297
(505,425)
Cash and cash equivalents at beginning of year
390,147
895,572
Cash and cash equivalents at end of year
658,444
390,147
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Vantagepoint Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor 12 Moorgate, London, EC2R 6DA.

 

The group consists of Vantagepoint Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The disclosure requirements of FRS102 for medium-sized companies have been applied other than where additional disclosures is required to show a true and fair view.

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vantagepoint Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

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

1.3
Going concern

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

1.4
Turnover

Turnover represents the amounts derived from provision of services which fall within the group’s principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received. Where services are provided but the cash has not been received, this income is accrued, and when cash is received but the services have not been provided, this income is deferred.

1.5
Tangible fixed assets

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

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

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

Leasehold improvements
Over remaining period of lease
IT equipment
33.33% straight line
Bicycles
33.33% straight line

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

1.6
Fixed asset investments

Interests in subsidiaries 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 group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

 

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

 

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

Basic financial assets

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

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.

VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 group's contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

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

1.13
Share-based payments

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

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

 

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

1.14
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 leased asset are consumed.

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
IT consultancy
15,012,889
10,561,274
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,787,696
8,976,610
North America
1,667,002
1,584,664
Asia-Pacific
558,191
-
15,012,889
10,561,274
2023
2022
£
£
Other revenue
Interest income
49
60
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
45,255
(30,427)
Fees payable to the group's auditor for the audit of the group's financial statements
9,650
-
Depreciation of owned tangible fixed assets
103,210
89,465
Operating lease charges
447,369
320,353
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Consultation
81
42
65
32
Training and managed services
10
3
10
3
Sales
11
9
11
7
Engagement management
2
2
2
2
Finance
1
-
1
-
Marketing
1
1
1
1
Operations
2
1
2
1
People
1
1
1
1
Director
2
2
2
2
Total
111
61
95
49

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,756,742
4,727,624
6,481,843
3,602,097
Social security costs
893,653
534,032
663,963
444,236
Pension costs
306,229
211,177
267,955
192,347
9,956,624
5,472,833
7,413,761
4,238,680
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
100,000
79,092
Company pension contributions to defined contribution schemes
-
26,610
100,000
105,702

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
49
60
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
514,997
(334,997)
Adjustments in respect of prior periods
8,873
19,825
Total current tax
523,870
(315,172)
Deferred tax
Origination and reversal of timing differences
47,015
-
0
Total tax charge/(credit)
570,885
(315,172)
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
Profit before taxation
1,097,155
2,699,959
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
258,057
512,992
Tax effect of expenses that are not deductible in determining taxable profit
105,933
2,273
Tax effect of income not taxable in determining taxable profit
-
0
(10,130)
Adjustments in respect of prior years
8,873
19,825
Effect of change in corporation tax rate
2,257
3,679
Permanent capital allowances in excess of depreciation
(45)
(7,473)
Research and development tax credit
-
0
(833,373)
Other permanent differences
(7,964)
(2,965)
Deferred tax on foreign losses not recognised
203,774
-
0
Taxation charge/(credit)
570,885
(315,172)
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim declared
-
3,000,000
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Tangible fixed assets
Group
Leasehold improvements
IT equipment
Bicycles
Total
£
£
£
£
Cost
At 1 January 2023
24,402
261,916
1,149
287,467
Additions
-
0
221,356
-
0
221,356
At 31 December 2023
24,402
483,272
1,149
508,823
Depreciation and impairment
At 1 January 2023
24,290
116,093
1,002
141,385
Depreciation charged in the year
112
102,951
147
103,210
At 31 December 2023
24,402
219,044
1,149
244,595
Carrying amount
At 31 December 2023
-
0
264,228
-
0
264,228
At 31 December 2022
112
145,823
147
146,082
Company
Leasehold improvements
IT equipment
Bicycles
Total
£
£
£
£
Cost
At 1 January 2023
24,402
228,065
1,149
253,616
Additions
-
0
209,570
-
0
209,570
At 31 December 2023
24,402
437,635
1,149
463,186
Depreciation and impairment
At 1 January 2023
24,290
82,258
1,002
107,550
Depreciation charged in the year
112
93,391
147
93,650
At 31 December 2023
24,402
175,649
1,149
201,200
Carrying amount
At 31 December 2023
-
0
261,986
-
0
261,986
At 31 December 2022
112
145,807
147
146,066
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
90
90
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
90
Carrying amount
At 31 December 2023
90
At 31 December 2022
90
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Vantagepoint NB Limited
6th Floor 12 Moorgate, London, EC2R 6DA
Holding company
Ordinary shares
100.00
-
VantagePoint Nordics AS
C/o Advokatfirma Wahl-Larsen AS v/advokat Jostein Grosås Fridtjof Nansens plass 5 0160, OSLO, Norway
IT consultancy services
Ordinary shares
-
100.00
Vantagepoint US Inc.
Suite 1W5, 3000 Marcus Avenue, Lake Success, New York, United States, 11042
IT consultancy services
Ordinary shares
-
100.00
Vantagepoint BeNeLux B.V.
Poortland 66, 1046BD Amsterdam, Netherlands
IT consultancy services
Ordinary shares
-
100.00
Vantagepoint Eastern Europe S.R.L.
61 Unirii Bldv., Bl. F3, Entrance 4, Ap. 208, District 3, Zip Code 030828, Bucharest, Romania
IT consultancy services
Ordinary shares
-
100.00
Vantagepoint APAC Pte Ltd
16 Raffles Quay, #33-03 Hong Leong Building, Singapore, 048581
IT consultancy services
Ordinary shares
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Vantagepoint NB Limited
(3,510)
(1,800)
VantagePoint Nordics AS
(47,116)
(49,455)
Vantagepoint US Inc.
(528,426)
(506,131)
Vantagepoint BeNeLux B.V.
(129,781)
(33,620)
Vantagepoint Eastern Europe S.R.L.
(102,963)
(79,452)
Vantagepoint APAC Pte Ltd
(109,740)
(139,752)

In the opinion of the directors, the carrying value of the company's unlisted investments is at least equal to the amount stated in the financial statements.

 

All subsidiaries listed above have been included in the consolidated accounts.

VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,023,784
2,619,625
5,564,393
2,394,488
Corporation tax recoverable
-
0
371,673
-
0
334,996
Other debtors
256,490
656,365
2,122,737
1,133,598
Prepayments and accrued income
2,692,780
705,203
1,961,641
705,203
8,973,054
4,352,866
9,648,771
4,568,285
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,574,400
175,657
2,559,853
175,616
Corporation tax payable
523,871
19,825
523,871
19,825
Other taxation and social security
590,429
509,196
591,475
490,759
Pensions payable
25,605
38,370
-
36,497
Dividends payable
-
0
1,500,000
-
0
1,500,000
Other creditors
1,352,066
502,407
1,124,002
413,166
Accruals and deferred income
2,778,065
531,112
2,424,183
528,609
7,844,436
3,276,567
7,223,384
3,164,472
15
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
65,459
18,444
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
65,459
18,444
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Deferred taxation
(Continued)
- 27 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
18,444
18,444
Charge to profit or loss
47,015
47,015
Liability at 31 December 2023
65,459
65,459
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
306,229
211,177

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The outstanding liability in respect of this scheme at the balance sheet date was £25,605 (2022: £38,370).

£267,955 (2022: £192,347) has been charged to the profit or loss account of the company.

17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1,250,000 Ordinary shares of 0.00016p each
1,250,000
2
2
2
138,888 Ordinary B shares of 0.00016p each
138,888
-
-
-

On 27 April 2023, 2 Ordinary shares of £1 each were subdivided into 1,250,000 Ordinary shares of 0.00016p each.

 

During the year, 138,888 Ordinary B shares of 0.00016p each were issued and fully paid for a total consideration of 27p.

 

Both classes of shares hold full voting and equity rights.

VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
18
Incorporation of businesses

VantagePoint NB Limited, the subsidiary of VantagePoint Holding Limited, incorporated and invested in 100% equity of:

 

 

There was no goodwill on incorporation of any of the above subsidiaries as each subsidiary, at the time of incorporation, had not begun trading and was therefore solely the value of its share capital.

 

Contribution by the group businesses for the reporting period included in the group statement of comprehensive income since acquisition:

 

19
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
380,903
231,420
338,553
231,420
380,903
231,420
338,553
231,420
20
Related party transactions

Included within other creditors is an amount owed to Joseph DMS Holdings Limited, a joint venture investor, of £440,000 (2022: £1,050,000).

 

As permitted under FRS102 s33.1A, the financial statements do not disclose transactions with wholly owned subsidiaries.

VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Directors' transactions

At the year-end, the company was owed £219,455 (2022: £127,253 credit balance) by Mr M D Benaron and owed £8,398 (2022: £3,766) to Mr D M Sillett. Both are directors of the company.

 

Advances were made to Mr M D Benaron in the year amounting to £740,000 (2022: £35,000).

 

The amount owed to the company by Mr M D Benaron was repaid within 9 months of the balance sheet date.

22
Ultimate controling party

The company is not under the control of any one individual.

23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
526,270
3,015,131
Adjustments for:
Taxation charged/(credited)
570,885
(315,172)
Investment income
(49)
(60)
Depreciation and impairment of tangible fixed assets
103,210
89,465
Movements in working capital:
Increase in debtors
(4,772,406)
(1,746,995)
Increase in creditors
4,063,823
391,700
Cash generated from operations
491,733
1,434,069
24
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,358,776
2,946,211
Adjustments for:
Taxation charged/(credited)
570,885
(315,172)
Depreciation and impairment of tangible fixed assets
93,650
67,095
Movements in working capital:
Increase in debtors
(5,196,027)
(2,031,568)
Increase in creditors
3,554,866
485,370
Cash generated from operations
382,150
1,151,936
VANTAGEPOINT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
25
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
651,555
402,820
(33,858)
1,020,517
26
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
390,147
268,297
658,444
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