Company registration number 09786242 (England and Wales)
ELEVATION HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ELEVATION HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G Parkinson
R Burgess
Company number
09786242
Registered office
The Heriot Building
Dodds Close
Rotherham
South Yorkshire
S60 1BX
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
ELEVATION HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ELEVATION HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activities of the group during the period were the provision of specialist permanent, contract and temporary staff across 8 divisions to companies in the UK.
Review of the business
The group’s main focus during 2024 was navigating the challenges of a tightening market while maintaining growth and solidifying its market position as the leading employer of choice within the recruitment sector in our region. These efforts have been pivotal in continuing to offer a market-leading service despite the heightened economic pressures.
2024 saw a 19% increase in turnover across both permanent and interim offerings This growth highlights the group’s ability to adapt to evolving client demands while maintaining the high standards of service that have been key to its reputation.
However, the broader economic climate, characterised by rising operational costs, wage inflation, and market uncertainty, placed downward pressure on operating profit margins.
Throughout 2024, the group upheld its commitment to employee well-being and engagement, maintaining its hybrid flexible working policy and health and well-being leave for staff. This approach has not only contributed to higher employee satisfaction and retention but has also reinforced the group’s status as an employer of choice within the industry. Employee development remained a key focus, with further investments in training and career progression initiatives.
The group continued to deliver exceptional service to clients and candidates, with over 80% of clients in 2024 being repeat clients or engaging with multiple divisions of the group. Maintaining and strengthening these relationships remains a priority of the business.
Principal risks and uncertainties
Data Protection
The group processes significant volumes of candidate and client data daily. The General Data Protection Regulation (GDPR) continues to pose financial and legal risks for non-compliance. Directors closely monitor updates to ensure full compliance.
Staff
Retaining and attracting top talent remains critical, especially in a market where wage inflation is placing upward pressure on compensation packages. The group’s emphasis on employee engagement, competitive incentives, and career development has supported retention, though this remains an ongoing challenge in a tough labour market.
Economic Conditions
The group is adapting to a tighter economic climate. With cost-of-living pressures impacting both candidates and clients, the group has reinforced its credit control and aged debt monitoring processes to manage financial risks effectively. Robust cash flow and cost controls position the group to weather economic uncertainties and sustain long-term growth.
Key performance indicators
The group’s performance during the year has been measured by the Directors using the following KPIs:
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Gross Margin (Gross Profit % of Turnover) | | |
ELEVATION HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
G Parkinson
Director
6 March 2025
ELEVATION HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 8.
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:
G Parkinson
R Burgess
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
ELEVATION HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
G Parkinson
Director
6 March 2025
ELEVATION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELEVATION HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Elevation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ELEVATION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELEVATION HOLDINGS LIMITED
- 6 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the industry in which the group operates;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
ELEVATION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELEVATION HOLDINGS LIMITED
- 7 -
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
2 Rutland Park
Sheffield
S10 2PD
6 March 2025
ELEVATION HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,309,481
10,363,012
Cost of sales
(2,342,999)
(1,355,456)
Gross profit
9,966,482
9,007,556
Administrative expenses
(9,255,022)
(8,079,771)
Exceptional item
4
(621,138)
(619,441)
Operating profit
5
90,322
308,344
Interest receivable and similar income
9
296
Interest payable and similar expenses
10
(35,408)
Profit before taxation
54,914
308,640
Tax on profit
11
(26,838)
(30,073)
Profit for the financial year
28,076
278,567
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ELEVATION HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
35,225
Tangible assets
13
431,151
445,702
431,151
480,927
Current assets
Debtors
16
4,467,813
3,518,623
Cash at bank and in hand
35,404
602,304
4,503,217
4,120,927
Creditors: amounts falling due within one year
17
(2,404,725)
(1,410,425)
Net current assets
2,098,492
2,710,502
Total assets less current liabilities
2,529,643
3,191,429
Provisions for liabilities
Deferred tax liability
18
39,000
40,000
(39,000)
(40,000)
Net assets
2,490,643
3,151,429
Capital and reserves
Called up share capital
20
105
105
Other reserves
1,418,774
797,636
Profit and loss reserves
1,071,764
2,353,688
Total equity
2,490,643
3,151,429
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
06 March 2025
G Parkinson
Director
Company registration number 09786242 (England and Wales)
ELEVATION HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,771,024
1,149,886
Current assets
Debtors
16
2,628,495
2,628,495
Creditors: amounts falling due within one year
17
(2,988,433)
(2,988,433)
Net current liabilities
(359,938)
(359,938)
Net assets
1,411,086
789,948
Capital and reserves
Called up share capital
20
105
105
Profit and loss reserves
1,410,981
789,843
Total equity
1,411,086
789,948
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
06 March 2025
G Parkinson
Director
Company registration number 09786242 (England and Wales)
ELEVATION HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
105
178,195
3,335,121
3,513,421
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
278,567
278,567
Capital contributions to EOT
20
-
-
(1,260,000)
(1,260,000)
Other movements
-
619,441
-
619,441
Balance at 31 December 2023
105
797,636
2,353,688
3,151,429
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
28,076
28,076
Capital contributions to EOT
20
-
-
(1,310,000)
(1,310,000)
Other movements
-
621,138
-
621,138
Balance at 31 December 2024
105
1,418,774
1,071,764
2,490,643
ELEVATION HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
105
170,402
170,507
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
Credit to equity for equity settled share-based payments
21
-
619,441
619,441
Balance at 31 December 2023
105
789,843
789,948
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
Credit to equity for equity settled share-based payments
21
-
621,138
621,138
Balance at 31 December 2024
105
1,410,981
1,411,086
ELEVATION HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
843,685
892,343
Interest paid
(35,408)
Income taxes refunded/(paid)
21,091
(539,996)
Net cash inflow from operating activities
829,368
352,347
Investing activities
Purchase of tangible fixed assets
(87,750)
(452,138)
Proceeds on disposal of tangible fixed assets
-
(1,832)
Loans repaid by directors
1,482
(33,920)
Interest received
296
Net cash used in investing activities
(86,268)
(487,594)
Financing activities
Capital contributions to EOT
(1,310,000)
(1,260,000)
Net cash used in financing activities
(1,310,000)
(1,260,000)
Net decrease in cash and cash equivalents
(566,900)
(1,395,247)
Cash and cash equivalents at beginning of year
602,304
1,997,551
Cash and cash equivalents at end of year
35,404
602,304
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
Elevation Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Heriot Building, Dodds Close, Rotherham, South Yorkshire, S60 1BX.
The group consists of Elevation Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The 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 certain financial instruments 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. 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.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Elevation Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover
Turnover represents fees and expenses receivable for recruitment services supplied during the period exclusive of value added tax.
Turnover arising from the placement of permanent candidates is recognised when the position of employment is accepted by the candidate. This normally precedes the invoice date which approximates to the date when the position of employment is started. These amounts are included in accrued income in the balance sheet. Provision is made for withdrawals prior to the commencement of employment.
Turnover arising from temporary placements is recognised over the period of the assignment. Where the company acts as principal, turnover represents the amount billed for the services of the temporary staff which includes the salary cost of those staff.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 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.
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:
Leasehold improvements
7% straight line
Fixtures and fittings
20% straight line
Computers
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
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.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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 and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an EBITDA model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.17
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.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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.
Share option valuation
The weighted average fair value of options granted in the year was determined using the a Monte-Carlo model. The Monte-Carlo model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Permanent fees
7,407,628
6,901,717
Permanent offers
1,453,752
1,107,649
Temporary fees
3,448,101
2,353,646
12,309,481
10,363,012
2024
2023
£
£
Other revenue
Interest income
-
296
4
Exceptional item
2024
2023
£
£
Expenditure
Share based payments
621,138
619,441
The exceptional item in the period relates to the valuation of the share- based payments following the issue of A ordinary shares on 18th August 2022 ("Valuation Date") under the Company's Enterprise Management Incentive scheme.
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
102,301
62,010
(Profit)/loss on disposal of tangible fixed assets
-
2,665
Amortisation of intangible assets
35,225
35,225
Operating lease charges
213,041
213,813
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
2,250
2,150
Audit of the financial statements of the company's subsidiaries
22,830
21,750
25,080
23,900
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Auditor's remuneration
(Continued)
- 21 -
For other services
Taxation compliance services
2,260
2,150
All other non-audit services
3,885
3,700
6,145
5,850
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
Direct
104
101
-
-
Admin
17
13
-
-
Total
121
114
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,123,172
6,779,770
Social security costs
1,006,843
877,846
-
-
Pension costs
185,522
162,659
9,315,537
7,820,275
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
402,083
470,147
Company pension contributions to defined contribution schemes
22,700
22,200
424,783
492,347
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
314,165
405,395
Company pension contributions to defined contribution schemes
19,200
19,200
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69
Other interest income
-
227
Total income
296
10
Interest payable and similar expenses
2024
2023
£
£
Other interest
35,408
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
185,429
184,482
Deferred tax
Origination and reversal of timing differences
(158,591)
(154,409)
Total tax charge
26,838
30,073
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
54,914
308,640
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
13,729
72,592
Tax effect of expenses that are not deductible in determining taxable profit
168,643
146,951
Tax effect of income not taxable in determining taxable profit
(1,094)
Group relief
(45)
(43)
Permanent capital allowances in excess of depreciation
6
Other non-reversing timing differences
(155,284)
(187,608)
Deferred tax not recognised
(205)
(731)
Taxation charge
26,838
30,073
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
352,250
Amortisation and impairment
At 1 January 2024
317,025
Amortisation charged for the year
35,225
At 31 December 2024
352,250
Carrying amount
At 31 December 2024
At 31 December 2023
35,225
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
282,784
343,758
55,801
682,343
Additions
19,321
48,975
19,454
87,750
At 31 December 2024
302,105
392,733
75,255
770,093
Depreciation and impairment
At 1 January 2024
15,291
216,161
5,189
236,641
Depreciation charged in the year
31,537
22,301
48,463
102,301
At 31 December 2024
46,828
238,462
53,652
338,942
Carrying amount
At 31 December 2024
255,277
154,271
21,603
431,151
At 31 December 2023
267,493
127,597
50,612
445,702
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1,771,024
1,149,886
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,149,886
Valuation changes
621,138
At 31 December 2024
1,771,024
Carrying amount
At 31 December 2024
1,771,024
At 31 December 2023
1,149,886
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elevation Recruitment Limited
United Kingdom
Ordinary
100.00
Elevation Recruitment Group Limited
United Kingdom
Ordinary
100.00
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,779,972
1,268,436
Amounts owed by group undertakings
-
-
2,628,495
2,628,495
Amounts owed by undertakings in which the company has a participating interest
150,000
150,000
-
-
Other debtors
360,276
349,191
Prepayments and accrued income
1,810,565
1,541,587
4,100,813
3,309,214
2,628,495
2,628,495
Amounts falling due after more than one year:
Deferred tax asset (note 18)
367,000
209,409
Total debtors
4,467,813
3,518,623
2,628,495
2,628,495
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
449,139
142,915
Amounts owed to group undertakings
2,988,433
2,988,433
Corporation tax payable
369,911
163,391
Other taxation and social security
766,604
624,661
-
-
Other creditors
455,562
134,154
Accruals and deferred income
363,509
345,304
2,404,725
1,410,425
2,988,433
2,988,433
Included in other creditors is an amount of £341,415 (2023: £nil) in respect of invoice discounting, any liabilities for which are secured on the assets of the company.
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
39,000
40,000
-
-
Short term timing differences
-
-
12,000
10,000
Share based payments
-
-
355,000
199,409
39,000
40,000
367,000
209,409
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(169,409)
-
Credit to profit or loss
(158,591)
-
Asset at 31 December 2024
(328,000)
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
185,522
162,659
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
105
105
105
105
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
21
Share-based payment transactions
Group
Number of share options
Weighted average exercise price per option
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024 and 31 December 2024
92
92
1.00
1.00
Exercisable at 31 December 2024
92
92
1.00
1.00
The options outstanding at 31 December 2024 had an exercise price of £1 per share, and a remaining contractual life of 7 years and 8 months.
Expenses recognised in the year arising from share based payment transactions are £621,138 (2023: £619,441) as outlined in exceptional items note.
22
Financial commitments, guarantees and contingent liabilities
The group and company have a cross guarantee with Elevation EOT Limited. The charge was registered on 2 March 2021 and contains both fixed and floating charges.
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
130,000
132,500
-
-
Between two and five years
650,000
520,000
-
-
In over five years
1,040,000
1,332,500
-
-
1,820,000
1,985,000
-
-
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
1,154,011
1,173,493
ELEVATION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Related party transactions
(Continued)
- 28 -
Other information
In the year, purchases of £130,000 (2023: £97,500) were made with Strider Fox Global Limited, a company with a mutual directorships.
At 31 December 2024, a balance of £75,480 is due to Strider Fox Global Limited.
25
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan Account
-
33,920
50,780
(52,262)
32,438
33,920
50,780
(52,262)
32,438
26
Controlling party
Elevation EOT Limited owns 100% of the Ordinary share capital. The ultimate controlling party is Elevation EOT.
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
28,076
278,567
Adjustments for:
Taxation charged
26,838
30,073
Finance costs
35,408
Investment income
(296)
Equity settled share based payment expense
621,138
619,441
(Gain)/loss on disposal of tangible fixed assets
-
2,665
Amortisation and impairment of intangible assets
35,225
35,225
Depreciation and impairment of tangible fixed assets
102,301
62,010
Movements in working capital:
Increase in debtors
(793,081)
(236,312)
Increase in creditors
787,780
100,970
Cash generated from operations
843,685
892,343
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
602,304
(566,900)
35,404
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