Company registration number 04736611 (England and Wales)
IBIS CAPITAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
IBIS CAPITAL LIMITED
COMPANY INFORMATION
Director
Mr C McIntyre
Company number
04736611
Registered office
22 Soho Square
London
W1D 4NS
Accountants
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH
Bankers
Barclays Bank Plc
27 Soho Square
London
W1D 3QR
IBIS CAPITAL LIMITED
CONTENTS
Page
Director's report
1
Director's responsibilities statement
2
Accountants' report
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 17
IBIS CAPITAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company was the provision of investment and corporate finance advisory services.

Director

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

Mr C McIntyre
Going concern

Having prepared forecasts to 30 June 2025 and considered likely trading levels through to 30 June 2026 based on secured contracts and pipeline transactions the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

The company remains well positioned with a strong balance and the expectation of a return to profit based on those forecasts.

 

The directors are therefore confident that the going concern basis is appropriate for the preparation of these financial statements.

Small companies exemption

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

On behalf of the board
Mr C McIntyre
Director
17 October 2024
IBIS CAPITAL LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

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

IBIS CAPITAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IBIS CAPITAL LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IBIS Capital Limited for the year ended 30 June 2024 set out on pages 4 to 17 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of IBIS Capital Limited, as a body, in accordance with the terms of our engagement letter dated 11 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of IBIS Capital Limited and state those matters that we have agreed to state to the board of directors of IBIS Capital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IBIS Capital Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that IBIS Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of IBIS Capital Limited. You consider that IBIS Capital Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IBIS Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mercer & Hole LLP
17 October 2024
Chartered Accountants
21 Lombard Street
London
EC3V 9AH
IBIS CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2024
2023
Notes
£
£
Turnover
518,438
1,540,583
Cost of sales
(35,442)
(96,915)
Gross profit
482,996
1,443,668
Administrative expenses
(1,480,598)
(2,445,094)
Other operating income
201
1,475
Operating loss
(997,401)
(999,951)
Interest receivable and similar income
11,876
28,487
Interest payable and similar expenses
(5,253)
(10,701)
Amounts written off investments
(33,927)
105,137
Loss before taxation
(1,024,705)
(877,028)
Tax on loss
-
0
15,652
Loss for the financial year
(1,024,705)
(861,376)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

IBIS CAPITAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
34,344
32,451
Investments
7
300
34,227
34,644
66,678
Current assets
Debtors
9
771,194
752,261
Cash at bank and in hand
211,580
1,116,881
982,774
1,869,142
Creditors: amounts falling due within one year
10
(558,234)
(401,931)
Net current assets
424,540
1,467,211
Total assets less current liabilities
459,184
1,533,889
Creditors: amounts falling due after more than one year
11
(70,833)
(120,833)
Provisions for liabilities
(1,909)
(1,909)
Net assets
386,442
1,411,147
Capital and reserves
Called up share capital
13
86,699
86,699
Share premium account
3,889
3,889
Capital redemption reserve
55,000
55,000
Profit and loss reserves
240,854
1,265,559
Total equity
386,442
1,411,147
IBIS CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 6 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 17 October 2024
Mr C McIntyre
Director
Company registration number 04736611 (England and Wales)
IBIS CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
86,699
3,889
55,000
2,226,935
2,372,523
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(861,376)
(861,376)
Dividends
-
-
-
(100,000)
(100,000)
Balance at 30 June 2023
86,699
3,889
55,000
1,265,559
1,411,147
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(1,024,705)
(1,024,705)
Balance at 30 June 2024
86,699
3,889
55,000
240,854
386,442
IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
1
Accounting policies
Company information

IBIS Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Soho Square, London, W1D 4NS.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 has taken advantage of the exemption under section 405 (2) of the Companies Act 2006 not to prepare consolidated accounts as the director considers the subsidiaries result are not material. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Having prepared forecasts to 30 June 2025 and considered likely trading levels through to 30 June 2026 based on secured contracts and pipeline transactions the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.true

 

The company remains well positioned with a strong balance sheet and the expectation of a return to profit based on those forecasts.

 

The directors are therefore confident that the going concern basis is appropriate for the preparation of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised as the service is provided or when the right to revenue has been earned, whichever is earlier.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 years.

 

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.

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
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:

Land and buildings Leasehold
Over the period of the lease
Fixtures, fittings & equipment
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 credited or charged to profit or loss.

1.6
Fixed asset investments

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

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

Investments in unlisted entities are held at cost less impairment unless a reliable fair value is available.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

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

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
Deferred tax

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

 

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

1.12
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
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 12 -
Key sources of estimation uncertainty

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

Valuation of investments

The director reviews the carrying value of the company's investments and the associated impairment provision that may be required annually using share of net assets.

3
Employees

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

2024
2023
Number
Number
Total
9
10
4
Director's remuneration and dividends
2024
2023
£
£
Remuneration paid to directors
10,000
10,110
Dividends paid to directors
-
100,000

 

5
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
196,089
Amortisation and impairment
At 1 July 2023 and 30 June 2024
196,089
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0

Goodwill arose on the company's acquisition of its subsidiary, RF Advisers Limited, and the transfer of that company's trade to IBIS Capital Limited.

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
76,250
140,035
216,285
Additions
19,343
-
0
19,343
Disposals
-
0
(69,445)
(69,445)
At 30 June 2024
95,593
70,590
166,183
Depreciation and impairment
At 1 July 2023
52,500
131,334
183,834
Depreciation charged in the year
11,801
5,649
17,450
Eliminated in respect of disposals
-
0
(69,445)
(69,445)
At 30 June 2024
64,301
67,538
131,839
Carrying amount
At 30 June 2024
31,292
3,052
34,344
At 30 June 2023
23,750
8,701
32,451
7
Fixed asset investments
2024
2023
£
£
Other investments other than loans
300
34,227
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023 & 30 June 2024
34,227
Impairment
At 1 July 2023
-
Impairment losses
33,927
At 30 June 2024
33,927
Carrying amount
At 30 June 2024
300
At 30 June 2023
34,227
IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
8
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
IBIS Capital Nominees Ltd
1
Investment company
Ordinary E
50
0
Registered Office address:
1.
22 Soho Square, London W1D 4NS
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
86,100
98,704
Corporation tax recoverable
46,474
46,474
Other debtors
638,620
607,083
771,194
752,261
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
128,517
163,893
Corporation tax
1,201
915
Other taxation and social security
19,587
33,401
Other creditors
358,929
153,722
558,234
401,931
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,833
120,833
IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
12
Loans and overdrafts
2024
2023
£
£
Bank loans
120,833
170,833
Payable within one year
50,000
50,000
Payable after one year
70,833
120,833

The loan is secured by fixed and floating charges over the property and undertaking of the company.

13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
56,111
56,111
56,111
56,111
Ordinary A shares of £1 each
21,918
21,918
21,918
21,918
Ordinary B shares of £1 each
8,670
8,670
8,670
8,670
86,699
86,699
86,699
86,699

The Ordinary, Ordinary A and Ordinary B shares rank pari passu save in respect of dividends and Ordinary share holders are entitled to a priority distribution; the balance then being distributed amongst all share holders irrespective of class on a pro rated basis.

56,111 Ordinary shares of £1 each and 21,918 Ordinary A shares of £1 each were fully paid up at the year end. 8,670 Ordinary B shares of £1 each remained unpaid at the year end.

14
Operating lease commitments
Lessee

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

2024
2023
£
£
342,780
484,620
15
Related party transactions
Remuneration of key management personnel

Directors and key management are one and the same. Director's remuneration is disclosed in note 4.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Related party transactions
(Continued)
- 16 -
Sales
Sales
2024
2023
£
£
Other related parties
-
0
26,822
Recharges
2024
2023
£
£
Entities with control, joint control or significant influence over the company
6,953
17,118

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
635
635
Other related parties
205,139
1,944

During the year the company received two loans of £100,000 from a connected company under common control. Both loans carry a loan premium of £15,000 with a repayment date of the 6 March 2025. The loans are unsecured and repayable in full at the end of the term. An interest expense of £4,859 has been recognised for the year ended 30 June 2024. The transactions were conducted at arm's length terms.

The following amounts were outstanding at the reporting end date:

2024
2024
2024
Balance
Provision
Net
Amounts due from related parties
£
£
£
Other related parties
505,078
-
505,078
2023
2023
2023
Balance
Provision
Net
Amounts due in previous period
£
£
£
Other related parties
658,350
117,526
540,824

 

IBIS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Related party transactions
(Continued)
- 17 -

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2024
2023
£
£
Other related parties
143,466
182,396
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