Company registration number 11552306 (England and Wales)
MILLB 2018 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MILLB 2018 LTD
COMPANY INFORMATION
Director
Mr D Hopley
Company number
11552306
Registered office
Millbank House
Northway
Runcorn
WA7 2SX
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
MILLB 2018 LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 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
Notes to the financial statements
15 - 29
MILLB 2018 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Fair review of the business
Principal activities
Throughout the year, MillB 2018 Ltd maintained its primary business focus on specialist recruitment services, supplying professional, technical, engineering, scientific, and commercial personnel. These personnel were provided to both new and existing clients on either temporary or permanent contracts.
Position at the end of the period
As of the end of the financial year, the group's balance sheet shows net assets of £1,615,750 an increase of £150,948 compared to the previous year. Dividends of £228,690 were declared during the year.
Going Concern
MillB 2018 Ltd's trading position has remained steady, albeit conservative, in light of external challenges including global conflicts, economic uncertainties, the recent election of a Labour government, and a reduction in interest rates by the Bank of England. However, demand for the group's specialist recruitment services remains strong across various industries.
The director has prepared comprehensive budgets and cash flow forecasts, factoring in multiple potential scenarios. These forecasts are regularly updated to reflect changing conditions, and the business model is considered robust. Investments in IT have already been implemented, aimed at supporting organic growth and enhancing operational efficiency.
The director remains confident that the group has sufficient resources to continue its operations for the foreseeable future and, therefore, continues to adopt the going concern basis in preparing the financial statements.
Principal risks and uncertainties
The director has identified several key risks, including potential changes to employment legislation and a possible slow-down in client investment. There are also broader uncertainties in the global economy, particularly due to ongoing conflicts in Ukraine and the Middle East. While sectors like energy and oil are still seeing investment, there is a concern that the escalation of these conflicts could have negative impacts.
Despite these challenges, the director is optimistic that the group's high-quality services and strong client portfolio will mitigate these risks. The group aims to continue growing and expects satisfactory trading results in the upcoming year
Key performance indicators
The group's key financial and other performance indicators during the year were as follows:
2024
2023
Change
£
£
%
Turnover
63,977,410
54,461,581
17.47%
Gross profit
2,952,734
2,753,215
7.25%
Operating profit
869,891
568,077
53.13%
Gross profit as a percentage of turnover
4.62%
5.06%
Operating profit as a percentage of turnover
1.36%
1.04%
MILLB 2018 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
There was a notable increase in demand for temporary contracts during the trading year, which significantly contributed to an increase in turnover. The group's client base remains stable, and the director believes that the group is financially secure, as demonstrated by the current assets exceeding current liabilities by £2.0 million.
Mr D Hopley
Director
26 January 2025
MILLB 2018 LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Principal activities
Millb 2018 Ltd is a leading service provider of professional recruitment to all walks of industry from large international blue chip to medium sized local companies. It operates from the main office in Runcorn within the UK.
The principal activity of the group is that of specialist recruitment and temporary work in the professional, technical, industrial and commercial fields. At the beginning of the 2022 financial year end the MillB 2018 Ltd group of companies performed a restructuring program which resulted in the trading business of MDA Technical Personnel Ltd and MDA Work Services Ltd being absorbed into that of Priory Design Services Ltd, to provide further quality and efficiency benefits to our clients.
The principal activity of the company is that of a holding company.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £228,690. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D Hopley
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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 future developments.
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.
MILLB 2018 LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Financial risk management objectives and policies
The group finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings.
The management's objectives are to:
- retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds and;
- minimise the group's exposure to fluctuating interest rates when seeking new borrowings; and
- match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the company's trading activities.
Where appropriate, funds are held primarily in short term variable rate deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with reputable UK banks.
Hedge accounting is not used by the group.
On behalf of the board
Mr D Hopley
Director
26 January 2025
MILLB 2018 LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is 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. He is 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.
MILLB 2018 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLB 2018 LTD
- 6 -
Opinion
We have audited the financial statements of Millb 2018 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise 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 and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.
MILLB 2018 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILLB 2018 LTD
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
Matters on which we are required to report by exception
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
enquiries with management, about any known or suspected instances of non-compliance with laws and regulations or fraud within the business;
challenging assumptions and judgements made by management in their key accounts estimates, in particular in relation to provisions;
auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments made by management for appropriateness;
reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and
auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period.
MILLB 2018 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILLB 2018 LTD
- 8 -
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.
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.
Paul Spencer BSc(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
27 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
MILLB 2018 LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
63,977,410
54,461,581
Cost of sales
(61,024,676)
(51,708,366)
Gross profit
2,952,734
2,753,215
Administrative expenses
(2,244,013)
(2,266,250)
Other operating income
161,170
81,112
Operating profit
4
869,891
568,077
Interest payable and similar expenses
8
(364,206)
(260,845)
Profit before taxation
505,685
307,232
Tax on profit
9
(126,047)
(67,187)
Profit for the financial year
379,638
240,045
Profit for the financial year is attributable to:
- Owners of the parent company
378,754
222,981
- Non-controlling interests
884
17,064
379,638
240,045
Total comprehensive income for the year is attributable to:
- Owners of the parent company
378,754
222,981
- Non-controlling interests
884
17,064
379,638
240,045
MILLB 2018 LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
563
1,152
Tangible assets
12
72,269
83,468
72,832
84,620
Current assets
Debtors
15
10,565,497
9,551,965
Cash at bank and in hand
172,171
225,847
10,737,668
9,777,812
Creditors: amounts falling due within one year
16
(8,701,665)
(7,791,404)
Net current assets
2,036,003
1,986,408
Total assets less current liabilities
2,108,835
2,071,028
Creditors: amounts falling due after more than one year
17
(479,002)
(589,451)
Provisions for liabilities
Deferred tax liability
18
14,083
16,775
(14,083)
(16,775)
Net assets
1,615,750
1,464,802
Capital and reserves
Called up share capital
20
342,900
342,900
Share premium account
21
156,657
156,657
Other reserves
21
223,283
223,283
Profit and loss reserves
894,280
744,216
Equity attributable to owners of the parent company
1,617,120
1,467,056
Non-controlling interests
(1,370)
(2,254)
1,615,750
1,464,802
The financial statements were approved and signed by the director and authorised for issue on 26 January 2025
26 January 2025
Mr D Hopley
Director
Company registration number 11552306 (England and Wales)
MILLB 2018 LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,549,873
1,549,873
Current assets
Cash at bank and in hand
1,059
1,059
Creditors: amounts falling due within one year
16
(76,027)
(76,027)
Net current liabilities
(74,968)
(74,968)
Net assets
1,474,905
1,474,905
Capital and reserves
Called up share capital
20
342,900
342,900
Share premium account
21
156,657
156,657
Other reserves
21
223,283
223,283
Profit and loss reserves
752,065
752,065
Total equity
1,474,905
1,474,905
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 £228,690 (2023 - £144,051 profit).
The financial statements were approved and signed by the director and authorised for issue on 26 January 2025
26 January 2025
Mr D Hopley
Director
Company registration number 11552306 (England and Wales)
MILLB 2018 LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 October 2022
342,900
156,657
223,283
663,459
1,386,299
(19,318)
1,366,981
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
222,981
222,981
17,064
240,045
Dividends
10
-
-
-
(142,224)
(142,224)
-
(142,224)
Balance at 30 September 2023
342,900
156,657
223,283
744,216
1,467,056
(2,254)
1,464,802
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
378,754
378,754
884
379,638
Dividends
10
-
-
-
(228,690)
(228,690)
-
(228,690)
Balance at 30 September 2024
342,900
156,657
223,283
894,280
1,617,120
(1,370)
1,615,750
MILLB 2018 LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
342,900
156,657
223,283
750,238
1,473,078
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
144,051
144,051
Dividends
10
-
-
-
(142,224)
(142,224)
Balance at 30 September 2023
342,900
156,657
223,283
752,065
1,474,905
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
228,690
228,690
Dividends
10
-
-
-
(228,690)
(228,690)
Balance at 30 September 2024
342,900
156,657
223,283
752,065
1,474,905
MILLB 2018 LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
632,401
578,609
Interest paid
(364,206)
(260,845)
Income taxes paid
(72,216)
(90,986)
Net cash inflow from operating activities
195,979
226,778
Investing activities
Purchase of tangible fixed assets
(10,516)
(14,303)
Net cash used in investing activities
(10,516)
(14,303)
Financing activities
Repayment of borrowings
(10,449)
(64,277)
Dividends paid to equity shareholders
(228,690)
(142,224)
Net cash used in financing activities
(239,139)
(206,501)
Net (decrease)/increase in cash and cash equivalents
(53,676)
5,974
Cash and cash equivalents at beginning of year
225,847
219,873
Cash and cash equivalents at end of year
172,171
225,847
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
Millb 2018 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Millbank House, Northway, Runcorn, WA7 2SX.
The group consists of Millb 2018 Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being the parent member of a group which prepares these consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. This company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within these consolidated financial statements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
The consolidated group financial statements consist of the financial statements of the parent company Millb 2018 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 30 September 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. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
Our trading position has remained steady, albeit conservative, in light of external challenges including global conflicts, economic uncertainties, the recent election of a Labour government, and a reduction in interest rates by the Bank of England. However, demand with our clients for the professional personnel we provide remains high across multiple industries for the delivery of their required talent pools.
The director has prepared detailed budgets and cash flows and considered various possible scenarios. These forecasts are continually monitored and regularly updated to reflect the latest available information.
Our business model is robust and we are in a strong position to grow turnover and gross profit with investment to promote organic growth being of key focus. Further IT investments are planned that will support growth and further enhance and automate processes.
The director has reasonable expectations that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents the value of work done for customers during the year, exclusive of Value Added Tax. The main income streams continue to be that of recruitment and permanent placements. Recruitment income is recognised and invoiced when a contractor submits a timesheet. Permanent placement income is recognised on invoice, which is on the first day that the placement starts. Rail track revenue is recognised on application as work progresses, in line with contracts in place.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years. Negative goodwill has been amortised in full during the current year.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% - 10% straight line
Fixtures and fittings
10% - 20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries 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.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets 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 or .
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 and loans from fellow group companies, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
In the opinion of the director there are no critical accounting estimates or judgements made in these financial statements.
3
Turnover and other revenue
All of the group's turnover relates to recruitment services and all sales were made in the United Kingdom.
2024
2023
£
£
Other revenue
Grants received
-
3,000
Rental income arising from investment properties
53,530
53,883
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(3,000)
Depreciation of owned tangible fixed assets
17,886
33,802
Loss on disposal of tangible fixed assets
3,647
4,066
Amortisation of intangible assets
589
589
Operating lease charges
168,100
150,861
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
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
3,490
3,320
Audit of the financial statements of the company's subsidiaries
33,100
31,630
36,590
34,950
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
Production staff
143
144
-
-
Management staff
28
29
-
-
Administrative staff
12
10
-
-
Total
183
183
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,061,218
9,155,383
Social security costs
1,033,604
1,066,645
-
-
Pension costs
134,161
130,742
10,228,983
10,352,770
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
115,740
134,663
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
313,043
200,850
Other interest on financial liabilities
51,163
59,995
Total finance costs
364,206
260,845
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
127,694
72,217
Deferred tax
Origination and reversal of timing differences
(1,647)
(5,030)
Total tax charge
126,047
67,187
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
505,685
307,232
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
126,423
67,622
Tax effect of expenses that are not deductible in determining taxable profit
878
691
Tax effect of income not taxable in determining taxable profit
(940)
Adjustments in respect of prior years
(174)
Effect of change in corporation tax rate
(1,080)
-
Other permanent differences
(186)
Taxation charge
126,047
67,187
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
228,690
142,224
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
78,498
(142,269)
2,947
(60,824)
Amortisation and impairment
At 1 October 2023
78,498
(142,269)
1,795
(61,976)
Amortisation charged for the year
589
589
At 30 September 2024
78,498
(142,269)
2,384
(61,387)
Carrying amount
At 30 September 2024
563
563
At 30 September 2023
1,152
1,152
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023
118,000
151,400
269,400
Additions
10,516
10,516
Disposals
(31,524)
(31,524)
At 30 September 2024
118,000
130,392
248,392
Depreciation and impairment
At 1 October 2023
74,633
111,299
185,932
Depreciation charged in the year
1,842
16,044
17,886
Eliminated in respect of disposals
(27,695)
(27,695)
At 30 September 2024
76,475
99,648
176,123
Carrying amount
At 30 September 2024
41,525
30,744
72,269
At 30 September 2023
43,367
40,101
83,468
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,549,873
1,549,873
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,549,873
Carrying amount
At 30 September 2024
1,549,873
At 30 September 2023
1,549,873
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Millbank Holdings Limited
1
Ordinary
100.00
-
Priory Design Services Limited
1
Ordinary
-
100.00
M.D.A. Rail Limited
1
Ordinary
-
100.00
Forbes H R Limited
1
Ordinary
-
95.00
Millbank Resource Management Limited
1
Ordinary
-
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Millbank House, Northway, Runcorn, WA7 2SX
At the start of the period both MDA Technical Personnel Limited and MDA Work Services Limited were dormant subsidiaries of Millbank Holdings Limited. During the year MDA Work Services Limited was dissolved and MDA Technical Personnel Limited had an application to strike off in place by the 30 September 2024 and was subsequently dissolved on 22 October 2024.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,213,215
9,396,271
Other debtors
-
473
Prepayments and accrued income
338,064
139,958
10,551,279
9,536,702
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 18)
14,218
15,263
Total debtors
10,565,497
9,551,965
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
100,000
Trade creditors
77,155
89,883
Amounts owed to group undertakings
76,027
76,027
Corporation tax payable
127,702
72,224
Other taxation and social security
837,688
1,157,072
-
-
Other creditors
6,924,875
6,064,622
Accruals and deferred income
634,245
407,603
8,701,665
7,791,404
76,027
76,027
Included within other creditors is £5,247,325 (2023 £4,470,496) relating to invoice discounting facilities. This is secured on the book debts of the company.
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
479,002
589,451
Other borrowings is made up of a long term director loan account in relation to Millbank Holdings Limited. Interest is charged on these loans at a rate of 10% (2023: 10%) per annum.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
14,438
16,657
227
159
Tax losses
-
-
13,991
15,104
Short term timing differences
(355)
118
-
-
14,083
16,775
14,218
15,263
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,512
-
Credit to profit or loss
(1,647)
-
Asset at 30 September 2024
(135)
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,161
130,742
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.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
253,268
253,268
253,368
253,368
B Ordinary shares of £1 each
44,577
44,577
44,577
44,577
C Ordinary shares of £1 each
10,780
10,780
10,780
10,780
D Ordinary shares of £1 each
34,275
34,275
34,175
34,175
342,900
342,900
342,900
342,900
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Share capital
(Continued)
- 27 -
The A Ordinary and B Ordinary shares have rights to vote. The A Ordinary, B Ordinary and D Ordinary shares have rights to dividends. All shares have rights to distributions with respect to capital, including on winding up.
21
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
156,657
156,657
156,657
156,657
The share premium account represents the premium paid on the issue of shares.
22
Other reserves
2024
2023
Group and company
£
£
At the beginning and end of the year
223,283
223,283
This represents a merger reserve, being amounts arising on the previous group restructure.
23
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
159,640
143,166
-
-
Between two and five years
546,572
122,517
-
-
In over five years
895,333
-
-
-
1,601,545
265,683
-
-
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
400,501
385,206
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Rent paid
2024
2023
£
£
Group
Other related parties
132,500
129,000
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
579,002
589,451
25
Directors' transactions
Dividends totalling £198,136 (2023 - £98,136) were paid in the year in respect of shares held by the company's directors.
MILLB 2018 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
379,638
240,045
Adjustments for:
Taxation charged
126,047
67,187
Finance costs
364,206
260,845
Loss on disposal of tangible fixed assets
3,647
4,066
Amortisation and impairment of intangible assets
589
589
Depreciation and impairment of tangible fixed assets
18,068
33,803
Movements in working capital:
Increase in debtors
(1,014,577)
(1,407,904)
Increase in creditors
754,783
1,382,978
Decrease in deferred income
-
(3,000)
Cash generated from operations
632,401
578,609
27
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
225,847
(53,676)
172,171
Borrowings excluding overdrafts
(589,451)
10,449
(579,002)
(363,604)
(43,227)
(406,831)
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