Z Group Topco Ltd
Annual Report and Financial Statements
For the year ended 31 March 2024
Company Registration No. 15009685 (England and Wales)
Z Group Topco Ltd
Company Information
Directors
B King
R Meehan
P Leighton
Company number
15009685
Registered office
53-59 Chandos Place
London
England
WC2N 4HS
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Z Group Topco Ltd
Contents
Page
Strategic report
1 - 6
Directors' report
7 - 10
Directors' responsibilities statement
11
Independent auditor's report
12 - 15
Group Profit and Loss Account
16
Group statement of comprehensive income
17
Group balance sheet
18 - 19
Company balance sheet
20
Group statement of changes in equity
21 - 22
Company statement of changes in equity
23
Group statement of cash flows
24
Notes to the financial statements
25 - 47
Z Group Topco Ltd
Strategic Report
For the year ended 31 March 2024
Page 1

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

Review of the business

With Z Hotels’ trading having recovered from the impact of Covid19 sooner than the market in 2022/23, it was always going to be challenging to maintain an above-market growth in the year 2023/24. That said, the Group’s London year-on-year ADR growth in calendar year 2023 was ahead at 4.8% compared with the London market segment’s 4.2%. The first three months of calendar year 2024, however, showed a softening in room rates across the capital, the impact of which our hotels also felt, making the full financial year's performance in line with the prior year.

Occupancy remained exceptionally high at 99% (prior year 99%) demonstrating resilience and showing sustained guest demand for the Z Hotels product, amidst challenging market conditions and whilst competitors still moved back to pre-covid levels of occupancy.

The result of the trading above was an increase in room revenue of £1 million (2.3%).

Room Commissions began to show reductions from their post-covid levels, with further reductions targeted as a result of strategic changes made around the year-end, as part of our cost management actions.

The group was not immune to the industry’s inflationary pressures on payroll and costs. Payroll expenses for the trading hotels increased by 14% as a result of shortages in the labour market, which have made attracting and retaining staff more competitive as well as the UK's cost of living crisis. Overall costs increased by 1%, reflecting higher input expenses. Within these, utility costs, an area of significant cost increases across the country, remained controlled showing a modest rise of 5%.

Rising interest rates, following increases in the Bank of England’s base rate, significantly impacted the interest expenses.

The affordable luxury hotel market continues to exhibit resilience during periods of economic stagnation, with demand remaining robust as guests seek value-focused alternatives. Z Hotels has proactively launched a series of cost-efficiency programmes aimed at mitigating inflationary pressures and enhancing operational performance. While the full benefits of these initiatives are anticipated to materialise in the 2024/25 financial year, the Group remains committed to delivering exceptional guest experiences and strengthening its market position. This proactive approach ensures Z Hotels is well-prepared to navigate ongoing economic challenges while maintaining its competitive edge.

Z Group Topco Ltd
Strategic Report (Continued)
For the year ended 31 March 2024
Page 2
Principal risks and uncertainties

A robust risk management framework is crucial for Z Hotels to achieve its strategic goals. Proactively identifying, addressing, and mitigating risks is fundamental to ensuring the resilience and long-term success of our business. Although eliminating risk entirely is impossible, we are committed to managing it proactively and effectively.

Governance and Oversight

The Board actively oversees risk management and defining the company's risk appetite. Operational and strategic risks are routinely assessed by relevant functional teams and communicated to the Executive Team for thorough oversight. Annually, the Executive Team conducts a top-down risk evaluation, with findings presented to the Board of Directors for review.

Industry exposure

The hospitality and travel industries and inherently vulnerable to factors affecting domestic and global travel, such as economic changes and geopolitical events. Our streamlined operational approach is structured to endure demand variations that could pose challenges for other industry players.

Economic uncertainty

Economic instability remains a significant challenge. Factor such as inflationary pressures, geopolitical tensions, and macroeconomic volatility may erode consumer confidence, reduce international travel, and strain financial performance. To counter these risks, Z Hotels has the ability to leverage its freehold property assets, implement cost-saving measures, and enhance its commercial strategies to boost financial returns and sustain market resilience.

Competitive landscape

The competitive environment presents notable risks, particularly in periods of economic stagnation or downturns. New entrants and disruptors adapt to shifting consumer preferences could impact market share and profitability. Z Hotels addresses these challenges by closely monitoring market trends, customer satisfaction, and competitor activities, enabling data-driven decisions and flexible strategies.

Cybersecurity threats

Cybersecurity risks, including advanced cyber-attacks and data breaches, remain critical concerns. Such incidents could disrupt operations, harm brand reputation, and result in regulatory fines. We are mitigating cybersecurity risks by outsourcing IT operations to specialised providers with advanced security capabilities, conducting regular security assessments, and integrating information security into all projects. Compliance with data protection laws remains a priority.

Supply chain dependencies

Reliance on supply chains introduces vulnerabilities. The loss of key suppliers or subpar performance could disrupt operations. Z Hotels mitigates these risks by maintaining business continuity plans for critical suppliers, rigorously vetting new partners, and monitoring supplier performance to ensure standards are met.

Health and safety

Health and safety risks, such as food safety lapses, fire hazards, or security threats, could damage reputation and disrupt operations. Z Hotels enforces stringent health & safety, food safety and fire safety policies, conducts regular audits, and provides comprehensive staff training to strengthen risk management in this area.

Z Group Topco Ltd
Strategic Report (Continued)
For the year ended 31 March 2024
Page 3

Environmental, Social and Governance (ESG)

ESG challenges, including climate change and resource scarcity, are increasingly significant. Z Hotels’ ESG Committee spearheads initiatives to reduce emissions, manage waste, and promote sustainability. The company also prioritises inclusivity and diversity to align with stakeholder expectations and ensure long-term business sustainability.

Liquidity Risk

Z Hotels takes an active approach to managing financial risks, ensuring sufficient liquidity is available to meet foreseeable needs while adopting a cautious strategy for cash investments. The Group maintain short-term financial flexibility through a combination of related party facilities and bank loans. Liquidity is further strengthened through disciplined cash flow management and ensuring ample headroom within the Group’s financing arrangements. Loan maturity profiles are carefully monitored to ensure obligations are met seamlessly. This proactive management of liquidity risk enhances the Group's ability to adapt to market fluctuations and sustain effective operations.

Interest Rate Risk

The Group finances its operations through a mix of retained earnings and bank borrowings. Fixed-rate facilities for certain borrowings mitigate exposure to interest rate fluctuations, ensuring predictability in financial planning. However, the continued restrictive monetary policy prolongs the interest rate risks, which the Board monitors regularly to evaluate mitigation strategies.

Key performance indicators

The Group monitors its performance using a suite of financial key indicators, including hotel occupancy rates, revenue generated, and gross margin. Regular loan covenant monitoring to ensure compliance with lender requirements and safeguard financial stability. The Group also considers non-financial KPIs including customer feedback, mystery guest surveys and team retention data.

Outlook

Continuing signs of macroeconomic stabilisation, declining inflation and interest rates, create a supportive environment for the Group's strategic initiatives and a positive backdrop for the future opening of additional hotels.

As a pioneer and leader in the UK affordable luxury segment, Z Hotels is confident in its prospects and remains committed to strengthening its market position through targeted initiatives and continuous innovation.

Z Group Topco Ltd
Strategic Report (Continued)
For the year ended 31 March 2024
Page 4
Promoting the success of the company

Compliance with Section 172 of the Companies Act 2006

The directors of Z Hotels are dedicated to upholding their responsibilities under Section 172 of the Companies Act 2006 by considering the long-term implications of their decisions, fostering sustainable and collaborative relationships with stakeholders, and ensuring fairness among all members. These principles are deeply ingrained in Z Hotels’ governance framework and operational practices, guiding the Board's commitment to transparency, ethical conduct, and sustainable value creation for the benefit of all stakeholders.

Section 172(1) Statement – Engaging with Our Stakeholders

The directors of Z Hotels are committed to promoting the long-term success of the company. This commitment is grounded in a thorough and ongoing engagement with all relevant stakeholders, including guests, team members, shareholders, suppliers, business partners, local communities, and the environment. Stakeholder engagement is central to the formulation and execution of Z Hotels’ strategy, ensuring that the views and interests of these groups are carefully considered and reflected in the company’s priorities.

As the Board and the Executive Committee develop and implement the company strategy, they actively assess its impact on stakeholders and the communities in which the company operates. Decisions are made with a focus on transparency, fairness, and sustainability, guided by the principles of good faith and ethical governance. By regularly reviewing Key Performance Indicators (KPIs), including customer feedback, mystery guest surveys, team retention data, and shareholder insights, the Board ensures decisions are well-informed and aligned with Z Hotels’ commitment to creating long-term value.

The directors are mindful of their Section 172 duty to act in good faith, considering the long-term consequences of decisions on the company and its stakeholders. By prioritising sustainable relationships and protecting Z Hotels’ reputation, the company strives to foster growth, resilience, and a fair approach to conducting business.

Guests

Guests are at the heart of Z Hotels’ operations, shaping both our daily practices and strategic decisions. In 2024, Z Hotels expanded its guest programmes, focusing on personalised services (“Surprise & Delight”), sustainability awareness, and delivering consistent, high-quality experiences at excellent value.

The Board prioritises guest satisfaction, leveraging data from guest satisfaction surveys, the Mystery Guest programme, and monthly reports on commercial, pricing, and operational performance.

Enhancements in digital booking systems, in-room technology, and marketing strategies are tailored to guest preferences, ensuring a seamless, modern experience. Additionally, the Board periodically reviews room innovations, such as introducing new amenities (planned for FY26), to continually elevate the Z Hotels offering. These efforts aim to foster guest loyalty and maintain Z Hotels’ reputation for exceptional service.

Z Group Topco Ltd
Strategic Report (Continued)
For the year ended 31 March 2024
Page 5

Team Members

At Z Hotels, our success is deeply rooted in the dedication and well-being of our team. In 2024, we strengthened our commitment to employees by enhancing our apprenticeship and leadership programs, fostering professional growth, and creating opportunities for team members to acquire new skills, advance their careers, and build a future within Z Hotels.

The Board remains deeply engaged in matters affecting our workforce. Over the years, discussions have focused on team member pay, with particular attention to the current cost of living. Diversity and inclusion have also been central to our people strategy, ensuring that our workforce reflects the communities in which we operate. Additionally, the Board reviews monthly KPI data on team retention and receives regular reports on health and safety management, with immediate escalation of any serious incidents to the Executive Team.

Recognising the importance of mental health, we expanded our network of trained "Mental Health First Aiders" and introduced flexible working arrangements where feasible. Insights from our annual “Happiness Index” employee survey further guided targeted initiatives to enhance workplace satisfaction.

These combined efforts have earned Z Hotels several prestigious industry accolades, including the Excellence in Talent Attraction Award, Outstanding Leader of the Year Award, and Excellence in Career Development Award.

Business Partners

Z Group Topco Ltd
Strategic Report (Continued)
For the year ended 31 March 2024
Page 6

Local Communities

Z Hotels is committed to doing right by the communities in which we operate and the environment. In 2024, we strengthened our community connections by actively engaging in local forums and championing charitable initiatives, in particular the industry’s leading charity, Hospitality Action. Through dynamic fundraising events and impactful sponsorships, our hotels contributed to causes close to the hearts of the communities we serve. At the same time, we continued to embrace our responsibility as corporate citizens, fostering deeper bonds, driving positive change, and ensuring our efforts are aligned with the broader goal of environmental stewardship.

Environmental Sustainability

At Z Hotels, the environment is a top priority, deeply embedded in our operations and long-term vision. Our commitment is driven by our internal ESG Programme, “A Drop in the Ocean,” which is built around four pillars: Review, Reduce, Renew, Rebalance. These pillars guide our efforts to minimise our environmental footprint, with a focus on reducing energy, water, and waste consumption.

Central to our sustainability strategy is our partnership with British Gas, a forward-thinking energy supplier. In 2023/24, British Gas demonstrated leadership in transitioning away from fossil fuels, using only 21% fossil fuel energy compared to the UK average of 42%, and achieving lower CO2 emissions at 117g/kWh versus the UK average of 222g/kWh.

We also implement practical initiatives to conserve resources. Guests are encouraged to participate in reducing unnecessary energy and water usage through simple yet impactful measures such as reusing towels, supported by room cards, and limiting bed linen changes to guest requests.

All new hotel developments consistently achieve a minimum BREEAM rating of “Very Good”, ensuring environmentally responsible growth. These initiatives and our ESG framework reaffirm Z Hotels’ dedication to sustainability and our role in contributing to a greener future.

On behalf of the board

R Meehan
Director
28 February 2025
Z Group Topco Ltd
Directors' Report
For the year ended 31 March 2024
Page 7

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

Results and dividends

The results for the year are set out on page 16.

No ordinary dividends were paid. 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:

B King
R Meehan
M Gudka
(Resigned 17 September 2024)
P Leighton
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Z Group Topco Ltd
Directors' Report (Continued)
For the year ended 31 March 2024
Page 8
Energy and carbon report

At Z Hotels, we are dedicated to minimising our environmental footprint and actively supporting global sustainability initiatives. In alignment with our commitment, we present this Carbon Emissions Report in accordance with the Companies Act 2006 (Strategic Report and Directors’ Report) and the Streamlined Energy and Carbon Reporting (SECR) framework. This report provides a comprehensive overview of our greenhouse gas (GHG) emissions, energy consumption, and the measures implemented to enhance energy efficiency during the financial year ending 31 March 2024.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
2,191,705
2,082,844
- Electricity purchased
2,666,825
2,599,814
4,858,530
4,682,658
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
444.13
416.57
444.13
416.57
Scope 2 - indirect emissions
- Electricity purchased
600.97
538.35
Total gross emissions
1,045.10
954.92
Intensity ratio
kWh per occupied room
14.6
14.2
Quantification and reporting methodology

The report has been prepared in reference to the GHG Protocol Corporate Standard. An ‘operational control’ approach has been used to define the GHG emissions boundary. This approach captures emissions associated with the operation of all buildings. Emissions have been calculated using the conversion factors published by the UK Government in 2024. There are no material omissions from the mandatory reporting scope.

Intensity measurement

The chosen intensity measurement ratio is total emissions in kWh per occupied room average for the year.

Z Group Topco Ltd
Directors' Report (Continued)
For the year ended 31 March 2024
Page 9
Measures taken to improve energy efficiency

Z Hotels reaffirms its commitment to sustainability and transparency in accordance with the Streamlined Energy and Carbon Reporting (SECR) regulations. For the financial year 2023/24, the company has disclosed its energy consumption and carbon emissions in compliance with the guidelines established by the Department for Business, Energy & Industrial Strategy (BEIS).

 

Z Hotels actively monitors energy usage across all its properties and has implemented targeted energy-saving initiatives, including:

 

Future commitments

Z Hotels is dedicated to achieving net-zero carbon operations by 2040. To meet this goal, we are pursuing the following initiatives:

 

Risks and Challenges to Achieving Net-Zero Emissions

Z Hotels recognises that achieving net-zero carbon operations by 2040 presents certain challenges, including:

Z Group Topco Ltd
Directors' Report (Continued)
For the year ended 31 March 2024
Page 10
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.

On behalf of the board
R Meehan
Director
28 February 2025
Z Group Topco Ltd
Directors' Responsibilities Statement
For the year ended 31 March 2024
Page 11

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.

Z Group Topco Ltd
Independent Auditor's Report
To the Members of Z Group Topco Ltd
Page 12
Opinion

We have audited the financial statements of Z Group Topco Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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.

Material uncertainty related to going concern

We draw attention to note 1.4 in the financial statements, which indicates that the availability of financing may impact the group’s ability to continue as a going concern. As stated in note 1.4 these events or conditions, along with the other matters as set forth in note 1.4 indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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.

 

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Z Group Topco Ltd
Independent Auditor's Report (Continued)
To the Members of Z Group Topco Ltd
Page 13

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and 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 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 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Z Group Topco Ltd
Independent Auditor's Report (Continued)
To the Members of Z Group Topco Ltd
Page 14

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Z Group Topco Ltd
Independent Auditor's Report (Continued)
To the Members of Z Group Topco Ltd
Page 15

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Katherine Edwards (Senior Statutory Auditor)
For and on behalf of Moore Kingston Smith LLP
28 February 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Z Group Topco Ltd
Group Profit and Loss Account
For the year ended 31 March 2024
Page 16
2024
2023
as restated
Notes
£
£
Turnover
3
50,903,796
48,963,368
Cost of sales
(16,437,667)
(15,275,800)
Gross profit
34,466,129
33,687,568
Administrative expenses
(31,133,259)
(26,418,698)
Exceptional items
4
(2,862,071)
-
0
Operating profit
5
470,799
7,268,870
Interest receivable and similar income
9
24,125
22,737
Interest payable and similar expenses
10
(10,225,393)
(7,434,610)
Fair value loss on property revaluation
(714,286)
-
Loss before taxation
(10,444,755)
(143,003)
Tax on loss
11
(345,865)
(1,568,323)
Loss for the financial year
(10,790,620)
(1,711,326)
Loss for the financial year is all attributable to the owners of the parent company.
Z Group Topco Ltd
Group Statement of Comprehensive Income
For the year ended 31 March 2024
Page 17
2024
2023
as restated
£
£
Loss for the year
(10,790,620)
(1,711,326)
Other comprehensive income
Revaluation of tangible fixed assets
3,289,498
2,742,519
Total comprehensive income for the year
(7,501,122)
1,031,193
Total comprehensive income for the year is all attributable to the owners of the parent company.
Z Group Topco Ltd
Group Balance Sheet
As at 31 March 2024
Page 18
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
201
8,295
Tangible assets
13
144,235,307
145,206,296
Investment property
14
3,645,000
6,945,000
147,880,508
152,159,591
Current assets
Stocks
18
402,377
378,493
Debtors falling due after more than one year
19
10,019,514
10,353,868
Debtors falling due within one year
19
15,341,511
11,530,784
Cash at bank and in hand
589,231
723,268
26,352,633
22,986,413
Creditors: amounts falling due within one year
20
(67,125,906)
(109,600,746)
Net current liabilities
(40,773,273)
(86,614,333)
Total assets less current liabilities
107,107,235
65,545,258
Creditors: amounts falling due after more than one year
21
(73,031,591)
(23,436,667)
Provisions for liabilities
Deferred tax liability
23
19,535,563
20,124,790
(19,535,563)
(20,124,790)
Net assets
14,540,081
21,983,801
Capital and reserves
Called up share capital
25
117,366,320
240
Revaluation reserve
50,472,744
51,827,711
Capital redemption reserve
2,764,173
130,493
Other reserves
(117,366,102)
1,315,618
Profit and loss reserves
(38,697,054)
(31,290,261)
Total equity
14,540,081
21,983,801
Z Group Topco Ltd
Group Balance Sheet (Continued)
As at 31 March 2024
Page 19
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
28 February 2025
R Meehan
Director
Z Group Topco Ltd
Company Balance Sheet
As at 31 March 2024
31 March 2024
Page 20
2024
Notes
£
£
Fixed assets
Investments
15
120,000,000
Current assets
-
Creditors: amounts falling due within one year
20
(2,643,759)
Net current liabilities
(2,643,759)
Net assets
117,356,241
Capital and reserves
Called up share capital
25
117,366,320
Capital redemption reserve
2,633,680
Profit and loss reserves
(2,643,759)
Total equity
117,356,241

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,643,759.

The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
28 February 2025
R Meehan
Director
Company Registration Number 15009685 (England and Wales)
Z Group Topco Ltd
Group Statement of Changes in Equity
For the year ended 31 March 2024
Page 21
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
240
51,279,845
130,493
-
-
(31,773,588)
19,636,990
Year ended 31 March 2023:
Loss for the year
-
-
-
-
-
(1,711,326)
(1,711,326)
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,742,519
-
-
-
-
2,742,519
Total comprehensive income
-
2,742,519
-
-
-
(1,711,326)
1,031,193
Transfers
-
(2,194,653)
-
-
1,315,618
2,194,653
1,315,618
Balance at 31 March 2023
240
51,827,711
130,493
-
1,315,618
(31,290,261)
21,983,801
Z Group Topco Ltd
Group Statement of Changes in Equity (Continued)
For the year ended 31 March 2024
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Page 22
Year ended 31 March 2024:
Loss for the year
-
-
-
-
-
(10,790,620)
(10,790,620)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,289,498
-
-
-
-
3,289,498
Total comprehensive income
-
3,289,498
-
-
-
(10,790,620)
(7,501,122)
Issue of share capital
25
122,633,679
-
-
-
-
-
122,633,679
Redemption of shares
25
-
-
2,633,680
-
-
-
2,633,680
Reduction of shares
25
(5,267,599)
-
-
-
-
-
(5,267,599)
Transfers
-
(4,644,465)
-
(117,366,102)
-
2,727,248
(119,283,319)
Disposal of shares in subsidiary to non-controlling interest
-
-
-
-
-
(659,039)
(659,039)
Other movements
-
-
-
-
(1,315,618)
1,315,618
-
Balance at 31 March 2024
117,366,320
50,472,744
2,764,173
(117,366,102)
-
(38,697,054)
14,540,081
Z Group Topco Ltd
Company Statement of Changes in Equity
For the year ended 31 March 2024
Page 23
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(2,643,759)
(2,643,759)
Issue of share capital
25
122,633,679
-
-
122,633,679
Redemption of shares
25
-
2,633,680
-
2,633,680
Reduction of shares
25
(5,267,359)
-
-
(5,267,359)
Balance at 31 March 2024
117,366,320
2,633,680
(2,643,759)
117,356,241
Z Group Topco Ltd
Group Statement of Cash Flows
For the year ended 31 March 2024
Page 24
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
8,019,847
11,623,094
Interest paid
(7,496,800)
(6,075,105)
Income taxes refunded
-
1,286
Net cash inflow from operating activities
523,047
5,549,275
Investing activities
Purchase of tangible fixed assets
(2,627,008)
(1,434,425)
Interest received
24,125
22,737
Net cash used in investing activities
(2,602,883)
(1,411,688)
Financing activities
Proceeds from borrowings
5,025,000
9,599,076
Repayment of borrowings
(7,375,000)
(1,319,426)
Proceeds from new bank loans
15,000,000
-
Repayment of bank loans
(9,470,199)
(12,507,233)
Net cash generated from/(used in) financing activities
3,179,801
(4,227,583)
Net increase/(decrease) in cash and cash equivalents
1,099,965
(89,996)
Cash and cash equivalents at beginning of year
(767,094)
(677,098)
Cash and cash equivalents at end of year
332,871
(767,094)
Relating to:
Cash at bank and in hand
589,231
723,268
Bank overdrafts included in creditors payable within one year
(256,360)
(1,490,362)
Z Group Topco Ltd
Notes to the Group Financial Statements
For the year ended 31 March 2024
Page 25
1
Accounting policies
Company information

Z Group Topco Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 53-59 Chandos Place, London, WC2N 4HS.

 

The group consists of Z Group Topco 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 modified to include the revaluation of freehold and leasehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

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.

 

Z Group Topco Ltd acquired the shareholdings of Z Hotels Group Limited in July 2023 through a share-for-share exchange. As the ultimate owners of the group remained the same, this reconstruction was accounted for using the merger accounting principles set out in FRS 102. The results of the reconstructed group are therefore presented as though the new structure had always been in existence. The other reserves represents the merger reserve as accounted for using the merger accounting principles set out in FRS 102.

1.3
Basis of consolidation

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

 

All financial statements are made up to 31 March 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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 26
1.4
Going concern

The Group has continued to trade at exceptionally high levels of occupancy with the annual rate of occupancy running at 99% at the balance sheet date. ARR continues on a growth trajectory and measures to control costs have taken an annualised £2m out of the cost base. Upgrades to core systems and revenue management improvements are contributing towards increases in ARR, whilst discussions over refinancing and asset optimisation are progressing positively.

 

The Group has loans totalling £104.1m of which £4.3m is repayable on demand at the balance sheet date and £82m is repayable within 12 months of the date of approval of these financial statements. Of the remaining amounts, £14.3m is repayable in May 2028 and £4m repayable in July 2027. The Group has obtained a letter confirming that £4m of the amounts repayable on demand will not be recalled within at least 12 months of the date of approval of these financial statements.

 

The directors have drawn up cash flow forecasts for the Group which extend to March 2026 to assess its ability to continue as a going concern. Should the Group loans of £86.3m be called for repayment, there is unlikely to be sufficient headroom available without either refinancing the loans or renegotiating the terms and conditions of the loans.

 

These factors indicate the existence of material uncertainties which may cast significant doubt on the Group's ability to continue as a going concern. While there can be no certainty over the assumptions made in preparing the cash flow forecast, the directors have prepared the financial statements on going concern basis as they have a reasonable expectation that, if required, either refinancing will be available to the group or that the terms of the group’s loans can be renegotiated such that repayments can be managed in a reasonable way.

 

The financial statements do not contain any adjustments that would arise if the group were unable to continue as a going concern.

1.5
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured.

 

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover in respect of accommodation is recognised at the point of the customers stay whilst other sales, including food and beverage revenues, are recognised at the point of purchase.

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 or valuation of assets less their residual values over their useful lives on the following bases:

Software & Brands
33% to 10% straight line
Website Costs
20% straight line
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 27
1.7
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:

Freehold land and buildings
Period of lease
Leasehold land and buildings
Period of lease
Plant and equipment
15% to 33% straight line
Fixtures and fittings
3 years straight line
Computers
3 years straight line
Food and beverage equipment
33% straight line

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

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
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.

1.10
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.

 

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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 28

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

 

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
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 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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 29
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 30
1.14
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.

1.15
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.

1.16
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.

1.17
Retirement benefits

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

1.18
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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 31
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Revaluation of tangible fixed assets

The carrying value and further information of the tangible fixed assets is detailed in the notes to the accounts further. The valuations consider market conditions and financial projections for the hotels. Deferred tax liabilities are recognised based on revaluation gains.

Depreciation of tangible assets and amortisation of intangible assets

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

Deferred tax

Management review the deferred tax position and its recoverability in light of expected future performance and strategy of the business.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Room revenue
42,941,275
41,958,087
Food revenue
848,223
776,216
Service charges receivable
158,100
178,141
Other income receivable
6,285,466
5,991,257
Rental income
28,000
59,667
Exceptional income
4
642,732
-
50,903,796
48,963,368
2024
2023
£
£
Other revenue
Interest income
24,125
22,737
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 32
4
Exceptional item
2024
2023
£
£
Income
Exceptional item - Sales
642,732
-
642,732
-
Expenditure
Loss on disposal of subsidiary
2,633,659
-
Exceptional costs
228,412
-
2,862,071
-

Exceptional income relates to the release of deposits held by the company in respect of reservations not utilised by the customer.

 

Exceptional costs relate to aborted acquisition costs for a potential new site for the group and the loss on disposal of a subsidiary, G1 Propco Ltd, during the year.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
5,873,209
5,105,074
Amortisation of intangible assets
8,094
10,652
Operating lease charges
5,822,858
4,310,774
6
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
10,100
12,240
Audit of the financial statements of the company's subsidiaries
180,145
161,033
190,245
173,273
For other services
Taxation compliance services
30,500
29,500
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 33
7
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
General staff
273
251
-
-
Directors
4
4
-
-
Management staff
31
31
-
-
Total
308
286
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,433,584
8,914,089
-
0
-
0
Social security costs
832,932
885,764
-
-
Pension costs
98,945
84,190
-
0
-
0
10,365,461
9,884,043
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
175,992
143,253
Company pension contributions to defined contribution schemes
1,052
-
177,044
143,253

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 0)

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 34
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
24
16
Other interest income
24,101
22,721
Total income
24,125
22,737
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,244,371
5,178,219
Other interest on financial liabilities
2,928,356
2,256,391
10,172,727
7,434,610
Other finance costs:
Other interest
52,666
-
Total finance costs
10,225,393
7,434,610
11
Taxation
2024
2023
£
£
Current tax
Other taxes
(17,613)
206,416
Deferred tax
Origination and reversal of timing differences
363,478
1,361,907
Total tax charge
345,865
1,568,323
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
11
Taxation
(Continued)
Page 35

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

2024
2023
£
£
Loss before taxation
(10,444,755)
(143,003)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(2,611,189)
(27,171)
Tax effect of expenses that are not deductible in determining taxable profit
2,919,026
190,511
Unutilised tax losses carried forward
-
0
665
Change in unrecognised deferred tax assets
(610,726)
(104,076)
Effect of change in corporation tax rate
-
500,954
Permanent capital allowances in excess of depreciation
-
(48)
Depreciation on assets not qualifying for tax allowances
1,162,118
539,404
Effect of revaluations of investments
-
0
122,273
Other non-reversing timing differences
-
0
(563,820)
Other permanent differences
9,507
-
0
Annual tax on enveloped dwellings
(17,613)
206,416
Chargeable gains/(losses)
(505,258)
703,215
Taxation charge
345,865
1,568,323
12
Intangible fixed assets
Group
Software & Brands
Website Costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
6,046
52,760
58,806
Amortisation and impairment
At 1 April 2023
5,745
44,766
50,511
Amortisation charged for the year
100
7,994
8,094
At 31 March 2024
5,845
52,760
58,605
Carrying amount
At 31 March 2024
201
-
0
201
At 31 March 2023
301
7,994
8,295
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 36
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Food and beverage equipment
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
37,142,858
112,923,887
4,704
2,776,115
1,023,275
475,689
154,346,528
Additions
1,812
1,086,044
-
0
1,141,058
83,353
14,741
2,327,008
Disposals
-
0
-
0
(4,265)
(161,334)
(58,192)
-
0
(223,791)
Revaluation
-
0
(597,080)
-
0
-
0
-
0
-
0
(597,080)
At 31 March 2024
37,144,670
113,412,851
439
3,755,839
1,048,436
490,430
155,852,665
Depreciation and impairment
At 1 April 2023
2,476,191
3,411,989
4,704
2,198,537
799,383
249,428
9,140,232
Depreciation charged in the year
825,397
4,008,702
-
0
739,894
173,734
125,482
5,873,209
Eliminated in respect of disposals
-
0
-
0
(4,265)
(161,334)
(58,192)
-
0
(223,791)
Revaluation
-
0
(3,172,292)
-
0
-
0
-
0
-
0
(3,172,292)
At 31 March 2024
3,301,588
4,248,399
439
2,777,097
914,925
374,910
11,617,358
Carrying amount
At 31 March 2024
33,843,082
109,164,452
-
0
978,742
133,511
115,520
144,235,307
At 31 March 2023
34,666,667
109,511,898
-
0
577,578
223,892
226,261
145,206,296
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 37

Land and buildings were revalued on an open market basis by the directors, guided by external valuation obtained from a third party firm of professional valuers at 31 March 2024.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
81,828,970
80,335,777
Accumulated depreciation
(13,082,203)
(11,035,803)
Carrying value
68,746,767
69,299,974
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
6,945,000
-
Additions through external acquisition
300,000
-
Disposals
(3,600,000)
-
At 31 March 2024
3,645,000
-

The freehold investment property was valued on an open market basis by directors, guided by an external valuation obtained from an external firm of professional valuer on 31 March 2019. The directors do not consider that there has been any subsequent change in valuation as at 31 March 2024.

 

The investment property is subject to a mortgage charge over the borrowings of a connected company.

 

During the year, £3,600,000 of investment property was disposed of as a part of the disposal of G1 PropCo Ltd.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
120,000,000
-
0
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
15
Fixed asset investments
(Continued)
Page 38
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
122,633,658
Disposals
(2,633,658)
At 31 March 2024
120,000,000
Carrying amount
At 31 March 2024
120,000,000
At 31 March 2023
-
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 39
16
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Z Hotels NH Limited
1
Ordinary
-
100.00
Z Hotels Trading GB
1
Ordinary
-
100.00
Z Hotels ZHH Limited
1
Ordinary
-
100.00
Z Hotels Trading WB Limited
1
Ordinary
-
100.00
Z Hotels Group Limited
1
Ordinary
100.00
-
Z Hotels HoldCo Limited
1
Ordinary
-
100.00
Z Hotels OCS Limited
1
Ordinary
-
100.00
Z Hotels LBS Limited
1
Ordinary
-
100.00
Z Hotels OS Limited
1
Ordinary
-
100.00
Z Hotels Management Contracts Limited
1
Ordinary
-
100.00
Z Hotels Operations Limited
1
Ordinary
-
100.00
Z Hotels Bath Limited
1
Ordinary
-
100.00
Z Des Limited
1
Ordinary
-
100.00
Z Pinot Limited
1
Ordinary
-
100.00
Z Propco Limited
1
Ordinary
-
100.00
Z Hotels ZHT Limited
1
Ordinary
-
100.00
Z Hotels Holborn Limited
1
Ordinary
-
100.00
Z CHA Holdco Limited
1
Ordinary
-
100.00
Z Propco II Limited
1
Ordinary
-
100.00
Z Opco Limited
1
Ordinary
-
100.00
Z Hotels Trafalgar Limited
1
Ordinary
-
100.00
Z Chandos Place Limited
1
Ordinary
-
100.00
Z Hotels Management Limited
1
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
53-59 Chandos Place, London, WC2N 4HS
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
16,352,937
11,665,465
-
-
Carrying amount of financial liabilities
Measured at amortised cost
136,424,245
130,993,491
2,643,759
-
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 40
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
402,377
378,493
-
0
-
0
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
113,783
296,084
-
0
-
0
Other debtors
8,218,663
2,494,060
-
0
-
0
Prepayments and accrued income
7,009,065
8,740,640
-
0
-
0
15,341,511
11,530,784
-
-
Amounts falling due after more than one year:
Other debtors
6,098,052
6,098,052
-
0
-
0
Deferred tax asset (note 23)
3,921,462
4,255,816
-
0
-
0
10,019,514
10,353,868
-
-
Total debtors
25,361,025
21,884,652
-
-
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
4,816,251
46,115,376
-
0
-
0
Other borrowings
22
26,263,466
30,046,096
-
0
-
0
Trade creditors
2,564,479
1,938,238
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,633,659
-
0
Corporation tax payable
22,277
22,467
-
0
-
0
Other taxation and social security
3,710,975
2,021,455
-
-
Other creditors
14,684,195
14,191,816
-
0
-
0
Accruals and deferred income
15,064,263
15,265,298
10,100
-
0
67,125,906
109,600,746
2,643,759
-
0
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 41
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
69,031,591
23,436,667
-
0
-
0
Other borrowings
22
4,000,000
-
0
-
0
-
0
73,031,591
23,436,667
-
-
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
73,591,482
68,061,681
-
0
-
0
Bank overdrafts
256,360
1,490,362
-
0
-
0
Other loans
30,263,466
30,046,096
-
0
-
0
104,111,308
99,598,139
-
-
Payable within one year
31,079,717
76,161,472
-
0
-
0
Payable after one year
73,031,591
23,436,667
-
0
-
0
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
22
Loans and overdrafts
(Continued)
Page 42

Secured loans

Included in bank loans are facilities granted by Oaknorth amounting to £71,941,482 (2023: £58,999,132). The bank loans are secured by way of a charge over all assets of the companies and its subsidiaries, and are repayable in quarterly instalments at varying rates of interest. At the reporting date, the facilities were due to expire between October 2025 and May 2028.

 

Also included in bank loans are facilities granted by Cynergy amounting to £1,650,000 (2023: £1,650,000). At the balance sheet date the bank loan was repayable in full in December 2024. Subsequent to the year end the repayment date was extended to June 2025. Interest is charged on the bank loan at 6.07% and is payable monthly. The bank loan is secured by way of a fixed and floating charge over the leasehold premises held in Z Des Ltd.

 

Other Loans

Included within other loans is a loan of £4,000,000 (2023: £4,000,000) repayable on demand. The balance is unsecured and interest is charged at 9%.

 

Included within other loans due within one year is a loan of £9,000,000 (2023: £15,000,000, discounted to a balance of £14,251,781) and accrued interest of £1,408,219 (2023: £nil) due to former shareholders. The balance is unsecured and attracts interest at 20%. At the reporting date, the loan was repayable in July 2024 and subsequent to the year end date the loan was extended to April 2025.

 

Included within other loans due within one year is a loan of £10,000,000 (2023: £10,000,000, discounted to a balance of £9,501,188) and accrued interest of £361,644 (2023: £nil) due to former shareholders. The balance is unsecured and attracts interest at 20%. At the reporting date, the loan was repayable in July 2024 and subsequent to the year end date the loan was extended to April 2025.

 

Included within other loans due within one year is a loan of £1,000,000 (2023: £nil) and accrued interest of £19,726 (2023: £nil). The balance is unsecured and attracts interest at a rate of 12%. At the reporting date the loan was repayable in July 2024 and subsequent to the year end the loan was extended to July 2027.

 

Included within other loans after one year is a loan of £4,000,000 (2023: £nil) and accrued interest of £448,877 (2023: £nil). The balance is unsecured and attracts interest at a rate of 16%. At the reporting date the loan is repayable in July 2027.

 

Included in other loans due within one year is a loan of £25,000 (2023: £Nil) due to a director and shareholder of the company. The balance is unsecured and interest-free. The loan is repayable on demand.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 43
23
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
2,078,668
1,854,887
2,143
2,614
Tax losses
-
-
3,913,404
3,962,473
Revaluations
17,456,895
18,269,903
-
285,602
Retirement benefit obligations
-
-
5,915
5,127
19,535,563
20,124,790
3,921,462
4,255,816
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
15,868,974
-
Charge to profit or loss
363,478
-
Transfer on disposal
(618,351)
-
Liability at 31 March 2024
15,614,101
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
98,945
84,190

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.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 44
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
58,683,160
-
58,683,160
-
B Ordinary shares of £1 each
58,683,160
-
58,683,160
-
117,366,320
-
117,366,320
-

The A Ordinary shares of £1 each and B Ordinary shares of £1 each rank pari passu in all respects. Both classes of share carry voting rights as well as the right to receive dividends.

The company was incorporated on 18th July 2023. On incorporation, a total of 20 £1 Ordinary shares were issued for cash for a total of £20.

 

On 21st July 2023, a total of 122,633,658 £1 Ordinary shares were allotted in exchange for cash. On the same day a change in designation of class of shares was filed, splitting the original Ordinary shares into 61,316,840 £1 A Ordinary shares, 58,683,160 £1 B Ordinary shares and 2,633,679 £1 C Ordinary shares.

 

A Ordinary and B Ordinary shares rank pari passu in all respects, whilst C Ordinary shares have voting and dividend rights only in respect to G1 Propco matters.

 

Immediately following the re-designation of share capital, the company cancelled 2,633,679 £1 C Ordinary shares and 2,633,680 £1 A Ordinary shares, leaving a total of 58,683,160 £1 A Ordinary shares and 58,683,160 £1 B Ordinary shares for a total of £117,366,320 in share capital at year end.

 

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
9,045,219
8,438,758
-
-
Between two and five years
39,309,392
36,879,644
-
-
In over five years
288,918,495
268,777,347
-
-
337,273,106
314,095,749
-
-
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
26
Operating lease commitments
(Continued)
Page 45
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
20,482
307,168
-
-
Between two and five years
-
1,070,784
-
-
In over five years
-
5,525,040
-
-
20,482
6,902,992
-
-
27
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
8,241,930
7,581,658

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
7,179,479
2,043,141
Other information

During the period the group received income of £3,670,746 (2023: £3,338,142) from companies under common control. During the period the group purchased assets amounting to £1,887,272 (2023: £297,736) and incurred management fees of £1,116,885 (2023: £1,175,670) from companies under common control.

 

Included within other debtors is £1,900,000 (2023: £nil) due from shareholders of the parent company.

 

During the period the group received rental income amounting to £nil (2023: £28,630) from a former director.

Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 46
28
Directors' transactions

Included in other debtors are loans amounting to £6,559 (2023: £511,144 creditor) due from directors. No interest has been incurred by the group in relation to these loans.

29
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(10,790,620)
(1,711,326)
Adjustments for:
Taxation charged
345,865
1,568,323
Finance costs
10,225,393
7,434,610
Investment income
(24,125)
(22,737)
Amortisation and impairment of intangible assets
8,094
10,652
Depreciation and impairment of tangible fixed assets
5,873,209
5,105,074
Other gains and losses
3,347,944
-
Movements in working capital:
(Increase)/decrease in stocks
(23,884)
12,556
(Increase)/decrease in debtors
(3,822,597)
3,715,359
Increase/(decrease) in creditors
2,880,568
(4,489,417)
Cash generated from operations
8,019,847
11,623,094
30
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
723,268
(134,037)
589,231
Bank overdrafts
(1,490,362)
1,234,002
(256,360)
(767,094)
1,099,965
332,871
Borrowings excluding overdrafts
(98,107,777)
(5,747,171)
(103,854,948)
(98,874,871)
(4,647,206)
(103,522,077)
Z Group Topco Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2024
Page 47
31
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Debtors due within one year
17,016,225
(5,485,441)
11,530,784
Loans and overdrafts
(76,159,074)
(2,398)
(76,161,472)
Other creditors
(36,579,227)
5,183,875
(31,395,352)
Net current liabilities
(86,310,369)
(303,964)
(86,614,333)
Net assets
22,906,813
(303,964)
22,602,849
Capital and reserves
Profit and loss reserves
(30,986,297)
(303,964)
(31,290,261)
Total equity
22,906,813
(303,964)
22,602,849
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Administrative expenses
(26,117,132)
(301,566)
(26,418,698)
Loss after taxation
(790,712)
(301,566)
(1,092,278)

The prior period adjustments impacting the group P&L relate to a correction to rent charge and audit fee charge and the corresponding accrual recognised as at 31 March 2023.

 

There is an additional prior period adjustment that relates to the correct disclosure and allocation of director loan accounts between debtors and creditors which has no impact on net liabilities as at 31 March 2023.

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