Company Registration No. 07927269 (England and Wales)
Thor Companies Ltd
Annual report and
group financial statements
for the year ended 31 May 2024
Thor Companies Ltd
Company information
Directors
Christopher Singleton
Nicholas Sym
James Gorman
Company number
07927269
Registered office
70 South Lambeth Road 3rd Floor
South Lambeth Road
London
England
SW8 1RL
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Thor Companies Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9 - 10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13 - 14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
Thor Companies Ltd
Strategic report
For the year ended 31 May 2024
1

The directors present the strategic report for the year ended 31 May 2024.

Principal activity

As at 31 May 2024, Thor Companies Ltd was the 100% shareholder of Thor Companies Switzerland GmbH.

 

The principal activity of the group continues to be that of specialist recruitment consultants providing both interim (contract) and permanent staff within the Engineering, Life Sciences and Technology industries.

Fair review of the business

The group's continuing operations continue to be impacted by the challenging recruitment market. The decline in sales headcount has seen an overall decline in the group's NFI and EBITDA.

 

As of October 2024, the group employs 54 staff across London, Stockholm and Zurich.

 

The group continues to:

 

-    Invest in niche opportunities where there is good growth potential;

 

-    Continue to invest in good talent;

 

-    Develop the size and capability of the leadership team.

 

In the year ended 30 May 2024, total net fee income decreased by £568k (8%) year-on-year. However, annual net fee income per sales head increased by 12%.

 

EBITDA decreased by £42k (6%).

 

We saw sales headcount decrease by 18%.

Key performance indicators

The group’s key performance indicators are net fee income and EBITDA. All of these have been highlighted above.

Principal risks and uncertainties

Foreign currency: The group operates in multiple currencies and is therefore exposed to foreign exchange risk. Foreign exchange rates are constantly monitored with regular conversions taking place to ensure the group is not overly exposed with large foreign currency balances on account.

 

Credit risk: The group is exposed to potential payment default by our clients. The risk is mitigated by operating a strong credit control policy, regular monitoring of trade receivables and ensuring we have strong relationships with our clients to ensure prompt payment and awareness of any challenges our clients may be facing, allowing us to take fast pre-emptive action where required.

 

Liquidity risk: The group is financed through its retained earnings. With a growing contract book, it is imperative that the group ensures there is not a short-term cash shortfall resulting in the group becoming illiquid. As a result, the group ensures that the client and contractor terms are in line with each other as well as running a strong credit control policy.

Thor Companies Ltd
Strategic report (continued)
For the year ended 31 May 2024
2

On behalf of the board

Nicholas Sym
Director
11 December 2024
Thor Companies Ltd
Directors' report
For the year ended 31 May 2024
3

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of recruitment consultancy.

Results and dividends

The results for the year are set out on pages 9 to 10.

Ordinary dividends were paid amounting to £111,616. The directors do not recommend payment of a further dividend.

Directors

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

Lee Birch
(Resigned 26 April 2024)
Christopher Singleton
Nicholas Sym
James Gorman
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties applicable to the business.

Thor Companies Ltd
Directors' report (continued)
For the year ended 31 May 2024
4
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
Nicholas Sym
Director
11 December 2024
Thor Companies Ltd
Independent auditor's report
To the members of Thor Companies Ltd
5
Opinion

We have audited the financial statements of Thor Companies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

Thor Companies Ltd
Independent auditor's report (continued)
To the members of Thor Companies Ltd
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the 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 set out on page 4 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 group and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group and parent company 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.

Thor Companies Ltd
Independent auditor's report (continued)
To the members of Thor Companies Ltd
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Thor Companies Ltd
Independent auditor's report (continued)
To the members of Thor Companies Ltd
8

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
11 December 2024
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Thor Companies Ltd
Group statement of comprehensive income
For the year ended 31 May 2024
9
Continuing
Discontinued
31 May
Continuing
Discontinued
31 May
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
22,343,523
-
22,343,523
21,870,421
4,644,292
26,514,713
Cost of sales
(16,677,166)
-
(16,677,166)
(16,188,521)
(3,016,589)
(19,205,110)
Gross profit
5,666,357
-
5,666,357
5,681,900
1,627,703
7,309,603
Administrative expenses
(4,992,172)
-
(4,992,172)
(4,981,883)
(1,362,759)
(6,344,642)
Other operating income
-
-
-
762
-
762
Operating profit
4
674,185
-
674,185
700,779
264,944
965,723
Interest receivable and similar income
8
3,690
-
3,690
3,600
-
3,600
Interest payable and similar expenses
9
(26,918)
-
(26,918)
(13,951)
-
(13,951)
Other gains and losses
10
15,660
-
15,660
-
(2,107,106)
(2,107,106)
Profit/(loss) before taxation
666,617
-
666,617
690,428
(1,842,162)
(1,151,734)
Tax on profit/(loss)
11
(216,244)
-
(216,244)
(138,367)
(152,697)
(291,064)
Profit/(loss) for the financial year
450,373
-
450,373
552,061
(1,994,859)
(1,442,798)
Other comprehensive income
Currency translation differences
515
142,620
Total comprehensive income for the year
450,888
(1,300,178)
Thor Companies Ltd
Group statement of comprehensive income (continued)
For the year ended 31 May 2024
Continuing
Discontinued
31 May
Continuing
Discontinued
31 May
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
10
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
450,373
(1,461,613)
- Non-controlling interests
-
18,815
450,373
(1,442,798)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
450,888
(1,318,993)
- Non-controlling interests
-
18,815
450,888
(1,300,178)
Thor Companies Ltd
Group statement of financial position
As at 31 May 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
57,350
86,316
Current assets
Debtors
17
4,965,609
4,732,712
Cash at bank and in hand
1,058,834
2,252,746
6,024,443
6,985,458
Creditors: amounts falling due within one year
18
(3,617,678)
(4,712,024)
Net current assets
2,406,765
2,273,434
Total assets less current liabilities
2,464,115
2,359,750
Creditors: amounts falling due after more than one year
19
(112,898)
(147,805)
Net assets
2,351,217
2,211,945
Capital and reserves
Called up share capital
24
9,240
10,000
Capital redemption reserve
760
-
0
Profit and loss reserves
2,341,217
2,201,945
Total equity
2,351,217
2,211,945

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 December 2024 and are signed on its behalf by:
11 December 2024
Nicholas Sym
Director
Company registration number 07927269 (England and Wales)
Thor Companies Ltd
Company statement of financial position
As at 31 May 2024
31 May 2024
12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
57,350
86,316
Investments
15
16,221
20,757
73,571
107,073
Current assets
Debtors
17
4,951,694
4,817,145
Cash at bank and in hand
1,036,363
2,242,161
5,988,057
7,059,306
Creditors: amounts falling due within one year
18
(3,588,467)
(4,695,373)
Net current assets
2,399,590
2,363,933
Total assets less current liabilities
2,473,161
2,471,006
Creditors: amounts falling due after more than one year
19
(112,898)
(147,805)
Net assets
2,360,263
2,323,201
Capital and reserves
Called up share capital
24
9,240
10,000
Capital redemption reserve
760
-
0
Profit and loss reserves
2,350,263
2,313,201
Total equity
2,360,263
2,323,201

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 £348,678 (2023: £624,918).

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 December 2024 and are signed on its behalf by:
11 December 2024
Nicholas Sym
Director
Company registration number 07927269 (England and Wales)
Thor Companies Ltd
Group statement of changes in equity
For the year ended 31 May 2024
13
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
1,000
-
0
3,149,860
3,150,860
361,273
3,512,133
Year ended 31 May 2023:
Loss for the year
-
-
(1,461,613)
(1,461,613)
18,815
(1,442,798)
Other comprehensive income:
Currency translation differences
-
-
142,620
142,620
-
142,620
Total comprehensive income
-
-
(1,318,993)
(1,318,993)
18,815
(1,300,178)
Issue of share capital
24
500
-
-
500
-
500
Bonus issue of shares
24
8,500
-
(8,500)
-
0
-
-
Dividends
13
-
-
(510)
(510)
-
(510)
Purchase of shares in subsidiary from non-controlling interest
-
-
380,088
380,088
(380,088)
-
Balance at 31 May 2023
10,000
-
0
2,201,945
2,211,945
-
0
2,211,945
Thor Companies Ltd
Group statement of changes in equity (continued)
For the year ended 31 May 2024
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
14
Year ended 31 May 2024:
Profit for the year
-
-
450,373
450,373
-
450,373
Other comprehensive income:
Currency translation differences
-
-
515
515
-
515
Total comprehensive income
-
-
450,888
450,888
-
450,888
Dividends
13
-
-
(111,616)
(111,616)
-
(111,616)
Own shares acquired
-
-
(200,000)
(200,000)
-
(200,000)
Redemption of shares
24
-
760
-
760
-
760
Reduction of shares
24
(760)
-
-
(760)
-
(760)
Balance at 31 May 2024
9,240
760
2,341,217
2,351,217
-
0
2,351,217
Thor Companies Ltd
Company statement of changes in equity
For the year ended 31 May 2024
15
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
1,000
-
0
1,697,293
1,698,293
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
624,918
624,918
Issue of share capital
24
500
-
-
500
Bonus issue of shares
24
8,500
-
(8,500)
-
0
Distribution in specie
13
-
-
(510)
(510)
Balance at 31 May 2023
10,000
-
0
2,313,201
2,323,201
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
348,678
348,678
Dividends
13
-
-
(111,616)
(111,616)
Own shares acquired
-
-
(200,000)
(200,000)
Redemption of shares
24
-
760
-
760
Reduction of shares
24
(760)
-
-
(760)
Balance at 31 May 2024
9,240
760
2,350,263
2,360,263
Thor Companies Ltd
Group statement of cash flows
For the year ended 31 May 2024
16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(625,696)
53,856
Interest paid
(26,918)
(13,951)
Income taxes paid
(155,980)
(302,046)
Net cash outflow from operating activities
(808,594)
(262,141)
Investing activities
Proceeds from disposal of business
-
(847,994)
Purchase of tangible fixed assets
(7,454)
(57,929)
Proceeds from disposal of investments
-
451,705
Interest received
3,690
3,600
Net cash used in investing activities
(3,764)
(450,618)
Financing activities
Purchase of own shares
(200,000)
-
0
Repayment of bank loans
(70,453)
65,552
Dividends paid to equity shareholders
(111,616)
-
0
Net cash (used in)/generated from financing activities
(382,069)
65,552
Net decrease in cash and cash equivalents
(1,194,427)
(647,207)
Cash and cash equivalents at beginning of year
2,252,746
2,757,333
Effect of foreign exchange rates
515
142,620
Cash and cash equivalents at end of year
1,058,834
2,252,746
Thor Companies Ltd
Notes to the group financial statements
For the year ended 31 May 2024
17
1
Accounting policies
Company information

Thor Companies Ltd (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 70 South Lambeth Road 3rd Floor, South Lambeth Road, London, England, SE8 1RL.

 

The group consists of Thor Companies Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thor Companies Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

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

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
18
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. This is based on a 12 month forecast from the date of approving the financial statements that incorporate a sustained growth over the period after taking into account the potential impact of the global economic downturn. The group has enough headroom in its funding facilities to cope with additional growth of the group.

1.4
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 consists of:

 

 

Turnover not invoiced at the statement of financial position date is included within accrued income.

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.

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

Leasehold land and buildings
Over the duration of the lease
Fixtures and fittings
Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
19
1.7
Impairment of fixed assets

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

 

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

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

 

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

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position 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, 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.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
20
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
21
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 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.12
Employee benefits

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

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
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.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
22

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.

 

1.15
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.

2
Critical accounting 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intercompany debtors recoverability

The recoverability of intercompany receivables is dependent on the future performance of the subsidiary. In assessing whether these balances are fully recoverable, the directors have reviewed financial forecasts and post year end performance of the group undertakings. The directors have concluded that these balances are recoverable post year end and therefore should not be provided against.

Share option valuation

The total amount to be expensed is determined by reference to the fair value of the options granted. In arriving at the charge for the period, assumptions are made on the number of options likely to be exercised, the current market value of the shares over which the options are granted and its volatility.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
23
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Contract
19,880,297
21,959,198
Permanent
2,463,226
4,555,515
22,343,523
26,514,713
2024
2023
£
£
Turnover analysed by geographical market
Europe
22,343,523
21,870,421
USA
-
4,644,292
22,343,523
26,514,713
2024
2023
£
£
Other revenue
Interest income
3,690
3,600
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
9,711
143,612
Depreciation of owned tangible fixed assets
36,420
29,699
(Profit)/loss on disposal of tangible fixed assets
-
8,319
(Profit)/loss on disposal of intangible assets
-
13,429
Operating lease charges
246,952
359,694
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 group and company
36,000
41,500
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
24
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
74
100
72
85

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,262,604
3,792,613
3,121,315
2,837,389
Social security costs
433,625
599,067
422,652
488,992
Pension costs
73,131
109,725
61,105
62,489
3,769,360
4,501,405
3,605,072
3,388,870
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
389,593
620,352
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
200,024
222,947
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
3,690
3,600
9
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
26,918
13,951
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
25
10
Other gains and losses
2024
2023
£
£
Other gains and losses
15,660
(2,107,106)

Other gains and losses represents the net assets of subsidiaries disposed in the year. See note 16 for more information.

11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
201,671
136,232
Adjustments in respect of prior periods
(1,227)
154,250
Total current tax
200,444
290,482
Deferred tax
Origination and reversal of timing differences
15,800
582
Total tax charge
216,244
291,064

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

2024
2023
£
£
Profit/(loss) before taxation
666,617
(1,151,734)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
166,654
(287,934)
Tax effect of expenses that are not deductible in determining taxable profit
9,322
14,114
Losses on discontinued operations not recognised
-
0
526,777
Change in unrecognised deferred tax assets
7,117
2,729
Adjustments in respect of prior years
(1,227)
106,229
Effect of change in corporation tax rate
-
(23,874)
Research and development tax credit
-
0
(48,530)
Effect of overseas tax rates
31,104
1,553
Fixed asset differences
3,274
-
0
Taxation charge
216,244
291,064
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
26
12
Discontinued operations

In the prior year, the company disposed of its 100% shareholding in Thor Life Sciences Ltd and, as a result, its indirect 100% shareholding in Thor Companies Inc. No consideration was received for this disposal. The disposal has been treated as a distribution in specie to Thor Companies Ltd's shareholders. The distribution in specie arose due to the subsidiaries being disposed of to a connected entity owned by Thor Companies Ltd's shareholders who own this connected entity with the same shareholdings.

 

The disposal of Thor Companies Inc. meets the definition of a discontinued operation and therefore its results for the period to 6 October 2022 and subsequent loss on disposal of the subsidiary have been separately disclosed on the face of the profit and loss account.

 

The operations of Thor Life Sciences Ltd were transferred to Thor Companies Ltd shortly before disposal, therefore the disposal of Thor Life Sciences Ltd has not been disclosed as a discontinued operation. Its results for the period to 6 October 2022 are included in the continued operations line of the profit and loss account. The subsequent loss on disposal of the subsidiary has been included in the discontinued operations line of the profit and loss account.

 

As no consideration was received, the loss on disposal, disclosed in "other gains and losses", represents the net assets of the subsidiaries as at 6 October 2022. This amounted to £1,073,384 for Thor Companies Inc and £1,033,722 for Thor Life Sciences Ltd, for a total loss on disposal of £2,107,106.

 

13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Distributions
111,616
510
In 2023, a distribution in specie was made of the Company's assets totalling £510. The assets distributed represent the book value of the disposal of one direct subsidiary and one indirect subsidiary during the year for £nil consideration to a connected company.
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
27
14
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
62,398
97,784
160,182
Additions
-
0
7,454
7,454
At 31 May 2024
62,398
105,238
167,636
Depreciation and impairment
At 1 June 2023
39,826
34,040
73,866
Depreciation charged in the year
13,096
23,324
36,420
At 31 May 2024
52,922
57,364
110,286
Carrying amount
At 31 May 2024
9,476
47,874
57,350
At 31 May 2023
22,572
63,744
86,316
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
62,398
97,784
160,182
Additions
-
0
7,454
7,454
At 31 May 2024
62,398
105,238
167,636
Depreciation and impairment
At 1 June 2023
39,826
34,040
73,866
Depreciation charged in the year
13,096
23,324
36,420
At 31 May 2024
52,922
57,364
110,286
Carrying amount
At 31 May 2024
9,476
47,874
57,350
At 31 May 2023
22,572
63,744
86,316
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
16,221
20,757
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
15
Fixed asset investments (continued)
28
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
20,757
Disposals
(4,536)
At 31 May 2024
16,221
Carrying amount
At 31 May 2024
16,221
At 31 May 2023
20,757
16
Subsidiaries

On 19 March 2024, Thor Companies Ltd disposed of its 100% shareholding in Thor Companies Denmark ApS.

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Thor Companies Switzerland GmbH
Switzerland
Recruitment services
Ordinary
100

The address of the subsidiary is as follows:

Thor Companies Switzerland GmbH - Roosstrasse 53, 8832 Wollerau, Switzerland

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
29
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,777,039
2,647,901
1,746,920
2,647,901
Corporation tax recoverable
46,356
49,174
46,356
49,174
Amounts owed by group undertakings
-
-
121,687
89,406
Other debtors
3,121,060
1,998,683
3,015,577
1,993,710
4,944,455
4,695,758
4,930,540
4,780,191
Amounts falling due after more than one year:
Deferred tax asset (note 21)
21,154
36,954
21,154
36,954
Total debtors
4,965,609
4,732,712
4,951,694
4,817,145
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
-
0
70,453
-
0
70,453
Trade creditors
612,828
2,013,551
609,805
2,013,551
Corporation tax payable
200,445
158,798
200,445
158,798
Other taxation and social security
108,298
111,753
106,023
111,753
Other creditors
663,617
787,552
654,745
770,901
Accruals and deferred income
2,032,490
1,569,917
2,017,449
1,569,917
3,617,678
4,712,024
3,588,467
4,695,373
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
112,898
147,805
112,898
147,805
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
30
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
70,453
-
0
70,453
Payable within one year
-
0
70,453
-
0
70,453

During the prior year, Thor Companies Ltd entered into an invoice discounting financing facility arrangement. At the year end, amounts owed in relation to this financing including interest charges amounted to £nil (2023: £70,453).

21
Deferred taxation

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

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
21,154
36,954
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
21,154
36,954
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 June 2023
(36,954)
(36,954)
Charge to profit or loss
15,800
15,800
Asset at 31 May 2024
(21,154)
(21,154)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
31
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,131
109,725

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.

23
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 June 2023
176,478
-
0.72
-
Granted
-
176,478
-
0.72
Forfeited
(40,296)
-
-
-
Outstanding at 31 May 2024
136,182
176,478
0.72
0.72
Exercisable at 31 May 2024
-
-
-
-
During the year ended 31 May 2024, equity-settled EMI share options remained outstanding for three employees, and lapsed for one employee.
The options outstanding at 31 May 2024 had an exercise price of £0.724, and a remaining contractual life of
nine years and 8 months. The options will vest if an exit event occurs prior to the expiry date. A number of
the options have a range of non-market performance conditions to be awarded - the above represents the
maximum share options granted if all conditions were met.
The directors have estimated the fair value of the options, using the Black Scholes Model valuation methodology. This methodology is a well-accepted, industry standard practice for valuing share options. Key inputs to the model are: share price at grant date, exercise price, dividend yield, expected life, risk-free interest rate and volatility. Based on the conditions of the options, any share based payment expense is considered to be immaterial to the financial statements for the year ended 31 May 2024 and therefore no share based expense charge has been recognised.

 

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.01 each
924,000
1,000,000
9,240
10,000
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
24
Share capital (continued)
32

Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

During the year ended 31 May 2024, a share buyback occurred. On 26 April 2024, 76,000 Ordinary shares of £0.01 each were repurchased by the company and consequently cancelled.
25
Disposals

On 19 March 2024, the group disposed of its 100% holding in Thor Companies Denmark ApS. Included in these financial statements are profits of £nil arising from the company's interests in Thor Companies Denmark ApS up to the date of its disposal.

On 6 October 2022, the group disposed of its 100% holding in Thor Life Sciences Ltd and 100% indirect holding in Thor Companies Inc.

 

26
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
2024
2023
2024
2023
£
£
£
£
Within one year
341,797
317,763
341,797
317,763
Between two and five years
263,664
605,461
263,664
605,461
605,461
923,224
605,461
923,224
Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
33
27
Related party transactions

As at 31 May 2024, an amount of £527,813 was owed to Thor Life Sciences Ltd by Thor Companies Ltd (2023: £539,347).This balance is included in other creditors. Thor Life Sciences Ltd is a connected company by virtue of having the same shareholders.

 

During the year, Thor Companies Ltd charged Thor Companies Inc. £476,898 (2023: £937,090) in respect of recharged expenses. Thor Companies Inc. is a connected company by virtue of having the same shareholders. As at 31 May 2024, an amount of £799,578 (2023: £682,231) was owed by Thor Companies Inc. to Thor Companies Ltd. This balance is included in other debtors.

 

As at 31 May 2024 an amount of £nil (2023: £24,545) was owed by Thor Denmark ApS to Thor Companies Ltd, and an amount of £323,332 (2023: £64,861) was owed by Thor Companies Switzerland GmbH to Thor Companies Ltd. These balances are included in amounts owed by group undertakings within debtors.

28
Directors' transactions

Dividends totalling £111,116 (2023: £510) were distributed in the year in respect of shares held by the company's directors. The 2023 distribution reflected a dividend in specie and no cash was paid out.

At the statement of financial position date, the company was owed £100,000 (2023: £100,000) by the director Nicholas Sym. Interest is payable at 2.5% per annum. The total interest charged in the year ended 31 May 2024 was £2,537 (2023: £2,475). This loan is unsecured and repayable on demand.

 

At the statement of financial position date, the company was owed £45,000 (2023: £45,000) by the director Christopher Singleton. Interest is payable at 2.5% per annum. The total interest charged in the year ended 31 May 2024 was £1,153 (2023: £1125). This loan is unsecured and repayable on demand.

29
Controlling party

The ultimate controlling part of the company and the group is Nicholas Sym by virtue of their 57% shareholding in Thor Companies Ltd.

Thor Companies Ltd
Notes to the group financial statements (continued)
For the year ended 31 May 2024
34
30
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
450,373
(1,442,798)
Adjustments for:
Taxation charged
216,244
291,064
Finance costs
26,918
13,951
Investment income
(3,690)
(3,600)
(Gain)/loss on disposal of tangible fixed assets
-
8,319
(Gain)/loss on disposal of intangible assets
-
13,429
Depreciation and impairment of tangible fixed assets
36,420
29,699
Other gains and losses
-
2,107,106
Movements in working capital:
Increase in debtors
(251,515)
(2,219,640)
(Decrease)/increase in creditors
(1,100,447)
1,256,326
Cash (absorbed by)/generated from operations
(625,697)
53,856
31
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
2,252,746
(1,193,912)
1,058,834
Borrowings excluding overdrafts
(70,453)
70,453
-
2,182,293
(1,123,459)
1,058,834
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