Company Registration No. 06302328 (England and Wales)
RDL Corporation Limited
Annual report and
group financial statements
for the year ended 31 December 2023
RDL Corporation Limited
Company information
Directors
Matthew Perrett
Stuart Goldup
Company number
06302328
Registered office
63-66 Hatton Garden
Fifth Floor Suite 23
London
EC1N 8LE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
RDL Corporation Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
RDL Corporation Limited
Strategic report
For the year ended 31 December 2023
1

The directors present the strategic report for the year ended 31 December 2023.

Strategy and principal activity

The principal activity of the group in the year under review is that of the supply of international contract and permanent personnel to organisations in the Life Sciences sectors across UK, Europe and USA.

 

Financial Review and Key Performance Indicators

The key performance indicators used by the directors in monitoring the business are the number of contractors in assignments at any one time, permanent placements made and the gross profit achieved on these contract and permanent assignments.

 

During the year under review the group turnover reduced by 33% reflecting reductions in both permanent and contract placement volumes, gross profit increased by 42% due to the relative mix of the volume reductions. Gross profit as a percentage of turnover reduced during the year from 28.5% to 24.7%. Administrative costs in the year reduced from an average of £468k per month to £273k, a drop of 42% which principally reflects a drop in average employee numbers of 34% over the previous year. This led to a loss in the year of £505k.

 

Following the substantial changes to the leadership in 2021 the new Exec team, has set about restructuring the business to strengthen and grow the areas where the business is strong, particularly in servicing the Life Sciences Industry internationally. However, these changes have been set against a backdrop of very difficult trading conditions throughout the period from mid-2022 through to the end of 2024 resulting in a much slower restructuring than originally anticipated.

 

On 30th June 2023 the ownership of the group changed. RDL Corporation Ltd was acquired through a securities swap by SEC Group Holdings Ltd in a friendly restructuring which left the Persons with Significant Control of the group unchanged. The net result of the changes was a reduction in external debt owed by the group in the form of A and B Loan stock plus accrued interest of over £7m.

 

On 21st July 2023 all of the C Loan stock had also been cancelled, further reducing the debt by which the group was encumbered by c£0.5m.

 

Despite global socio-economic uncertainties the board is confident that its strategy of focussing on talent-short STEM sectors which have positive near and mid-term demand dynamics and investing in the development of its employees, infrastructure and service offerings, will support continued international growth.

 

The groups results reflect the significant work undertaken by its employees and the board wishes to thank them for their commitment through this period.

RDL Corporation Limited
Strategic report (continued)
For the year ended 31 December 2023
2
Principal risks and uncertainties

The directors consider the following to be the principle risks and uncertainties of the group:

 

Covid-19 and future pandemics

The business is exposed to global pandemics, lessons learned from the current pandemic will be deployed in the business to ensure that it remains agile to respond quickly to such events in future.

 

Credit risk

The business is exposed to the risk of payment default by customers for services rendered. This risk is monitored by managing the credit offered to customers and regular reviews of outstanding items and ongoing dialogue with customers.

 

Liquidity risk

The group finances its operations through retained earnings and a fixed rate invoice finance facility. The group's policy is to maintain good relationships with its bankers to ensure that sufficient facilities are in place to fund the company's needs as required.

 

Skill Shortage

Like most specialist recruitment firms, the group continues to be faced with the constant challenge of skill shortages. Mitigation of this risk is achieved by succession planning, training of staff, competitive pay structures and career progression.

 

Competition

The recruitment sector is competitive and as such the group continues to face competitor risk in the markets where we operate.

 

Legislation

The recruitment industry is becoming increasingly legislated; the group takes a proactive approach and regularly monitors the regulatory requirements of the markets in which the group is active, international data protection requirements and the ongoing legislative change initiatives to ensure the group meets its obligations.

 

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

 

Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

On behalf of the board

Stuart Goldup
Director
6 March 2025
RDL Corporation Limited
Directors' report
For the year ended 31 December 2023
3

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of the supply of international contract and permanent personnel to organisations in the Life Sciences and IT sectors.

Results and dividends

The results for the year are set out on page 9.

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:

Robert Henry
(Resigned 24 July 2023)
Matthew Perrett
Stuart Goldup
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

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.

RDL Corporation Limited
Directors' report (continued)
For the year ended 31 December 2023
4
Going concern

At the time of approving the financial statements, and despite any future effect of COVID 19, the directors have a reasonable expectation that the company and wider group has adequate resources to continue in operational existence for the foreseeable future. The company and wider group have put in place the necessary measures to mitigate against the effect of COVID 19 on its ability to continue as a going concern.

 

The talent required by our clients who operate at various stages of funding rounds, across the biotech and medtech sectors and from R&D, clinical trails and manufacturing through to commercialisation across the wider life sciences sector is still much sought after and we are positioned to provide the services needed to help our clients locate and hire the people they need and vice versa.

 

Following the substantial reorganisation of the company and debt position in June/July 2023, as recognised in Note 19, and despite the material improvement of the balance sheet the trading conditions experienced in 2024 have meant that a material uncertainty remains as to the company’s ability to continue as a going concern.

 

The directors are aware that there are substantial macro-economic factors affecting the trading landscape at the current time, including international wars, supply shortages, inflation and interest rates higher than experienced in recent years. These threats have led to potential challenging trading conditions and may lead to recessions.

 

The directors believe that following reductions in the cost base of the business and investments in strengthening the sales team in late 2024 the business is now well positioned to work with clients across a wider geographic client footprint across Europe and the US generating revenues from both perm and contract placements to generate profits and positive cashflows through 2025.

 

The directors have assessed that, following additional recent financial support from the directors, the company and wider group has operating cash flows and management forecasts which support positive working capital headroom.

 

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

Medium-sized companies exemption

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

On behalf of the board
Stuart Goldup
Director
6 March 2025
RDL Corporation Limited
Independent auditor's report
To the members of RDL Corporation Limited
5
Opinion

We have audited the financial statements of RDL Corporation Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Material uncertainty related to going concern

We draw attention to note 1.4 in the financial statements, which indicates that as at 31 December 2023 the group's current liabilities exceeded its total assets by £679,602.

 

As stated in note 1.4, these events or conditions, along with other matters as set forth in note 1.4, indicate that a material uncertainty exists that may cast significant doubt on the company'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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

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

 

We have nothing to report in this regard.

RDL Corporation Limited
Independent auditor's report (continued)
To the members of RDL Corporation Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

RDL Corporation Limited
Independent auditor's report (continued)
To the members of RDL Corporation Limited
7

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

 

Identifying and assessing risks related to irregularities:

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

 

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

 

Audit response to risks identified

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

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

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

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RDL Corporation Limited
Independent auditor's report (continued)
To the members of RDL Corporation Limited
8

Use of our report

This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
7 March 2025
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
RDL Corporation Limited
Group statement of comprehensive income
For the year ended 31 December 2023
9
2023
2022
Notes
£
£
Turnover
3
11,863,092
17,815,654
Cost of sales
(8,932,285)
(12,735,285)
Gross profit
2,930,807
5,080,369
Administrative expenses
(3,280,114)
(5,616,512)
Operating loss
4
(349,307)
(536,143)
Interest receivable and similar income
-
0
2
Interest payable and similar expenses
8
(175,332)
(529,820)
Loss before taxation
(524,639)
(1,065,961)
Tax on loss
-
0
-
0
Loss for the financial year
(524,639)
(1,065,961)
Other comprehensive income
Currency translation gain taken to retained earnings
19,964
30,844
Total comprehensive income for the year
(504,675)
(1,035,117)
Loss 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.
RDL Corporation Limited
Group statement of financial position
As at 31 December 2023
31 December 2023
10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
125,948
211,274
Current assets
Debtors
11
2,823,843
3,417,762
Cash at bank and in hand
35,326
543,115
2,859,169
3,960,877
Creditors: amounts falling due within one year
12
(3,538,771)
(4,788,663)
Net current liabilities
(679,602)
(827,786)
Total assets less current liabilities
(553,654)
(616,512)
Creditors: amounts falling due after more than one year
13
(98,511)
(5,668,992)
Net liabilities
(652,165)
(6,285,504)
Capital and reserves
Called up share capital
17
50,904
50,904
Share premium account
1,228,543
1,228,543
Capital redemption reserve
1,000
1,000
Other reserves
6,138,014
-
0
Profit and loss reserves
(8,070,626)
(7,565,951)
Total equity
(652,165)
(6,285,504)

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
Stuart Goldup
Director
Company registration number 06302328 (England and Wales)
RDL Corporation Limited
Company statement of financial position
As at 31 December 2023
31 December 2023
11
2023
2022
Notes
£
£
£
£
Current assets
Debtors
11
1,495,900
1,751,320
Cash at bank and in hand
3,040
3,019
1,498,940
1,754,339
Creditors: amounts falling due within one year
12
(3,076,172)
(3,682,039)
Net current liabilities
(1,577,232)
(1,927,700)
Creditors: amounts falling due after more than one year
13
(98,511)
(5,668,992)
Net liabilities
(1,675,743)
(7,596,692)
Capital and reserves
Called up share capital
17
50,904
50,904
Share premium account
1,228,543
1,228,543
Capital redemption reserve
1,000
1,000
Other reserves
6,138,014
-
0
Profit and loss reserves
(9,094,204)
(8,877,139)
Total equity
(1,675,743)
(7,596,692)

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 £217,065 (2022 - £3,324,257).

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
Stuart Goldup
Director
Company registration number 06302328 (England and Wales)
RDL Corporation Limited
Group statement of changes in equity
For the year ended 31 December 2023
12
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
50,904
1,228,543
1,000
-
(6,530,834)
(5,250,387)
Year ended 31 December 2022:
Loss for the year
-
-
-
-
(1,065,961)
(1,065,961)
Other comprehensive income:
Currency translation differences
-
-
-
-
30,844
30,844
Total comprehensive income
-
-
-
-
(1,035,117)
(1,035,117)
Balance at 31 December 2022
50,904
1,228,543
1,000
-
(7,565,951)
(6,285,504)
Year ended 31 December 2023:
Loss for the year
-
-
-
-
(524,639)
(524,639)
Other comprehensive income:
Currency translation differences
-
-
-
-
19,964
19,964
Total comprehensive income
-
-
-
-
(504,675)
(504,675)
Transfers
-
-
-
6,138,014
-
6,138,014
Balance at 31 December 2023
50,904
1,228,543
1,000
6,138,014
(8,070,626)
(652,165)
RDL Corporation Limited
Company statement of changes in equity
For the year ended 31 December 2023
13
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
50,904
1,228,543
1,000
-
(5,552,882)
(4,272,435)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
(3,324,257)
(3,324,257)
Balance at 31 December 2022
50,904
1,228,543
1,000
-
0
(8,877,139)
(7,596,692)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
-
(217,065)
(217,065)
Transfers
-
-
-
6,138,014
-
6,138,014
Balance at 31 December 2023
50,904
1,228,543
1,000
6,138,014
(9,094,204)
(1,675,743)
RDL Corporation Limited
Group statement of cash flows
For the year ended 31 December 2023
14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(321,553)
355,637
Interest paid
(175,332)
(529,820)
Income taxes paid
(4,794)
(13,517)
Net cash outflow from operating activities
(501,679)
(187,700)
Investing activities
Purchase of tangible fixed assets
(7,497)
(58,400)
Interest received
-
2
Net cash used in investing activities
(7,497)
(58,398)
Financing activities
Proceeds from borrowings
400,000
-
Movement on invoice discounting
(370,836)
405,767
Repayment of loans
(27,778)
(117,447)
Net cash generated from financing activities
1,386
288,320
Net (decrease)/increase in cash and cash equivalents
(507,790)
42,222
Cash and cash equivalents at beginning of year
543,115
500,893
Cash and cash equivalents at end of year
35,326
543,115
RDL Corporation Limited
Notes to the group financial statements
For the year ended 31 December 2023
15
1
Accounting policies
Company information

RDL Corporation Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 63-66 Hatton Garden, Fifth Floor Suite 23, London, EC1N 8LE.

 

The group consists of RDL Corporation Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company RDL Corporation Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. 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.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
16
1.3
Going concern

At the time of approving the financial statements, and despite any future effect of COVID 19, the directors have a reasonable expectation that the company and wider group has adequate resources to continue in operational existence for the foreseeable future. The company and wider group have put in place the necessary measures to mitigate against the effect of COVID 19 on its ability to continue as a going concern.

 

The talent required by our clients who operate at various stages of funding rounds, across the biotech and medtech sectors and from R&D, clinical trails and manufacturing through to commercialisation across the wider life sciences sector is still much sought after and we are positioned to provide the services needed to help our clients locate and hire the people they need and vice versa.

 

Following the substantial reorganisation of the company and debt position in June/July 2023, as recognised in Note 19, and despite the material improvement of the balance sheet the trading conditions experienced in 2024 have meant that a material uncertainty remains as to the company’s ability to continue as a going concern.

 

The directors are aware that there are substantial macro-economic factors affecting the trading landscape at the current time, including international wars, supply shortages, inflation and interest rates higher than experienced in recent years. These threats have led to potential challenging trading conditions and may lead to recessions.

 

The directors believe that following reductions in the cost base of the business and investments in strengthening the sales team in late 2024 the business is now well positioned to work with clients across a wider geographic client footprint across Europe and the US generating revenues from both perm and contract placements to generate profits and positive cashflows through 2025.

 

The directors have assessed that, following additional recent financial support from the directors, the company and wider group has operating cash flows and management forecasts which support positive working capital headroom.

 

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

In relation to temporary placements, turnover is recognised by the company in respect of services supplied on a month by month basis.

 

Revenue in respect of permanent placement fees is recognised when the company has fulfilled its contractual obligations in accordance with the underlying contracts. Depending on the contract, this is either on the start date of the candidates' employment, or when a candidate accepts an offer of employment and a start date has been determined. Where revenue is recognised on acceptance the directors consider the likelihood of withdrawal and make a provision accordingly.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
17

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

Leasehold land and buildings
over the period of the lease
Fixtures and fittings
33% on cost

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

1.6
Fixed asset investments

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

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

1.7
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.

1.8
Cash and cash equivalents

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

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
18
1.9
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

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.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
19
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

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

1.11
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.

1.12
Retirement benefits

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

1.13
Share-based payments
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
20

The company adopts FRS 102 Section 26 'Share Based Payments' within these financial statements. RDL Corporation Limited operated an Enterprise Management Incentive Scheme ('EMI Scheme') for three of the group's employees. Under the Option Deed the company can grant options over not more than 10% of the company's share capital. The option are exercisable on sale or listing of the company, or at the discretion of the board of directors. On exercise, the options must be paid for in cash.

FRS102 requires the company to determine the fair value of the options granted each year, and to make a charge to the profit and loss account for that amount. No expense has been recognised for the share options however, as in the opinion of the directors, the charge would be immaterial to the financial statements.

In respect of the FRS 102 requirement to determine the fair value of the options granted, the directors have referred to the HM Revenue & Customs valuations as a guide.

1.14
Leases

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

1.15
Foreign exchange

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

2
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

Critical judgements
Recoverability of intercompany balances

Management regularly assess balances due from other entities within the company and whether these are recoverable by the respective entities. Where it is considered that the future cash flows of these debts are less than the carrying amount in RDL Corporation Limited, appropriate provisions are made against these balances to reflect the recoverability of the asset.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
21
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
UK
5,525,861
10,562,577
Europe
4,384,491
4,794,435
Rest of world
1,952,740
2,458,642
11,863,092
17,815,654
2023
2022
£
£
Other significant revenue
Interest income
-
2
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging:
Foreign exchange (gains)/losses
42,211
26,217
Depreciation of owned tangible fixed assets
92,823
87,204
Operating lease charges
143,201
119,018
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
38,750
28,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration and support
13
16
2
8
Sales
21
36
-
-
Total
34
52
2
8
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
6
Employees (continued)
22

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,820,011
3,468,284
200,001
406,236
Social security costs
252,206
515,480
29,575
48,420
Pension costs
24,899
38,572
139
21,612
2,097,116
4,022,336
229,715
476,268
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
200,001
321,560
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
100,000
160,780
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
130,446
73,771
Other interest on financial liabilities
44,886
456,049
Total finance costs
175,332
529,820
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
23
9
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
101,692
236,396
338,088
Additions
-
0
7,497
7,497
At 31 December 2023
101,692
243,893
345,585
Depreciation and impairment
At 1 January 2023
26,810
100,004
126,814
Depreciation charged in the year
20,341
72,482
92,823
At 31 December 2023
47,151
172,486
219,637
Carrying amount
At 31 December 2023
54,541
71,407
125,948
At 31 December 2022
74,882
136,392
211,274
Company
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
1,667
Depreciation and impairment
At 1 January 2023 and 31 December 2023
1,667
Carrying amount
At 31 December 2023
-
0
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
24
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
shares held
% Held
Direct
SEC Recruitment Limited
England and Wales
Ordinary
100
M3 Europe Limited
England and Wales
Ordinary
100
RDL Recruitment Limited
England and Wales
Ordinary
100
1st IT People Limited
England and Wales
Ordinary
100
SEC Recruitment Schweiz AG
Switzerland
Ordinary
100
SEC Life Sciences Inc
USA
Ordinary
100

The registered office for SEC Recruitment Limited is 63-66 Hatton Garden, Fifth Floor Suite 23, London, EC1N 8LE. The registered office for M3 Europe Limited, RDL Recruitment Limited and 1st IT People Limited is Centennium House, 100 Lower Thames Street, 3rd Floor, London, England, EC3R 6DL. The registered office for SEC Recruitment Schweiz AG is Löberenstrasse 47, 6300 Zug, Switzerland. The registered office for SEC Life Sciences Inc is 251 Little Falls Drive, Wilmington, New Castle, 19808.

 

The principal activities of SEC Recruitment Limited is that of the supply of specialist pharmaceutical and IT contract and permanent personnel to blue chip organisations.

 

The principal activities of RDL Recruitment, 1st IT People Limited and M3 Europe Limited are that of dormant companies.

 

The principal activity of SEC Recruitment Schweiz AG and SEC Life Sciences INC are that of an employment agency.

11
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,797,395
2,924,951
-
0
-
0
Corporation tax recoverable
32,199
7,878
-
0
-
0
Amounts owed by group undertakings
-
-
1,488,932
1,725,837
Other debtors
128,218
32,465
-
0
-
0
Prepayments and accrued income
859,481
445,918
418
18,933
2,817,293
3,411,212
1,489,350
1,744,770
Deferred tax asset (note 15)
6,550
6,550
6,550
6,550
2,823,843
3,417,762
1,495,900
1,751,320
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
25
12
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Loans and borrowings
14
1,961,669
1,960,282
-
0
117,447
Trade creditors
217,436
570,645
47,242
21,120
Amounts owed to group undertakings
115,000
-
0
2,766,992
2,653,992
Corporation tax payable
10,547
(8,980)
10,547
-
0
Other taxation and social security
99,408
611,787
26,332
157,550
Dividends payable
-
0
78,249
-
0
78,249
Other creditors
83,431
166,890
(1,147)
603
Accruals and deferred income
1,051,280
1,409,790
226,206
653,078
3,538,771
4,788,663
3,076,172
3,682,039
13
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
14
98,511
4,625,616
98,511
4,625,616
Other non-current financial liabilities
14
-
0
1,043,376
-
0
1,043,376
98,511
5,668,992
98,511
5,668,992
14
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Preference shares
5,000
5,000
5,000
5,000
Other loans
2,055,180
6,580,898
93,511
4,738,063
2,060,180
6,585,898
98,511
4,743,063
Payable within one year
1,961,669
1,960,282
-
0
117,447
Payable after one year
98,511
4,625,616
98,511
4,625,616

The conversion of the A, B & C loan stock and loan stock premium was completed during the group restructure in the reporting period.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
26
15
Deferred taxation

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

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
6,550
6,550
Assets
Assets
2023
2022
Company
£
£
Accelerated capital allowances
6,550
6,550
There were no deferred tax movements in the year.

The deferred tax asset set out above is expected to reverse within 36 month and relates to the utilisation of tax losses against future expected profits of the same period.

16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,899
38,572

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.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
4,890,000
4,890,000
48,900
48,900
Ordinary E shares of 0.0004p each
5,010,000
5,010,000
2,004
2,004
9,900,000
9,900,000
50,904
50,904
RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
27
18
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:

2023
2022
£
£
Within one year
153,561
90,974
Between two and five years
255,935
409,496
409,496
500,470
19
Related party transactions

Key management personnel

 

The directors are considered to be the only key management personnel due to their authority and responsibility for planning, directing and controlling the activities of the company. Directors' remuneration and other benefits are detailed in note 7 of the financial statements.

 

Transactions with directors

 

The amounts due to Stuart Goldup and Mathew Perrett at the year end was £128,186 (2022: £105,759) and £228,186 (2022: £105,759) respectively.

 

Interest of £Nil (2022: £14,800) was charged to the profit and loss account during the year. Interest is payable on the loan stock at 10% (2022: 10%) of the principal amount.

 

An LLP in which a director is a designated member was paid £22,254 (2022: £39,659) for non-executive director services.

 

The company has taken advantage of the exemption available under Section 33 of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.

 

Transactions with shareholders

 

The amount due to the Income Growth VCT PLC, Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC and Mobeus Income & Growth 4 VCT PLC at the year end was £Nil (2022: £901,140), £Nil (2022: £974,065), £Nil (2022: £625,068) and £Nil (2022: £625,068) respectively.

 

In the year the loan stock due to the Income Growth VCT PLC, Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC and Mobeus Income & Growth 4 VCT PLC was cancelled for capital contribution in RDL Corporation Limited.

Other information

RDL Corporation Limited is wholly owned by SEC Group Holdings Ltd.

RDL Corporation Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
28
20
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Loss for the year after tax
(524,639)
(1,065,961)
Adjustments for:
Finance costs
175,332
529,820
Investment income
-
0
(2)
Depreciation and impairment of tangible fixed assets
92,823
87,204
Foreign exchange on translation
19,963
30,844
Movements in working capital:
Decrease in debtors
618,240
519,829
(Decrease)/increase in creditors
(703,272)
253,903
Cash (absorbed by)/generated from operations
(321,553)
355,637
21
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
543,115
(507,789)
35,326
Borrowings (invoice financing)
(1,842,835)
253,388
(1,589,447)
(1,299,720)
(254,401)
(1,554,121)
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