Company registration number 12576810 (England and Wales)
TWENTY20 CAPITAL INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TWENTY20 CAPITAL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr IJ Munro
Mr TN Ramus
Secretary
Mr IJ Munro
Company number
12576810
Registered office
33 Soho Square
London
England
W1D 3QU
Auditor
Cooper Parry Group Limited
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
Bankers
Coutts Bank
440 Strand
London
WC2R 0QS
Solicitors
Freeths LLP
Floor 3
100 Wellington Place
Leeds
LS1 4LT
TWENTY20 CAPITAL INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 47
TWENTY20 CAPITAL INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the Group is the provision of managed workforce solutions, permanent placement services and the provision of primary care. The directors are not aware, at the date of this report of any likely changes in the activity over the next year.

 

The principal activity of the Company is that of a Holding Company.

Review of the business

This year has continued to be a very busy period for the Group. As mentioned in last year’s report, in September 2023, the Group acquired one of the top-developing technology recruitment brands in the UK and abroad from Austin Fraser Limited.

 

In December 2023, the Group purchased the entire share capital of Operose Health Limited for a cash consideration of £23m. Operose Health is one of the largest providers of Primary Care services in the country, delivering care to over 647,000 patients across the country through GP practices, Primary Care Hubs, ED Streaming Services and Urgent Care Services. This acquisition brings together two highly experienced care providers into the same Group with the 2021 acquisition of HCRG Care Group Limited already part of the Group.

 

The Group is an experienced operator in the Healthcare and Recruitment sectors and brings access to investment, funding opportunities and support to its acquired businesses and has a proven track record of minimising costs and maximising efficiency or support services.

TWENTY20 CAPITAL INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The directors consider strategic, operational and financial risks and identify actions to mitigate those risks on a regular basis. The principal risks and uncertainties are detailed below:

 

Economic and competitive risk

Competitors in the general staffing market range from large multi-national organisations to small privately-owned businesses. All of the markets in which the Group operates in are continually subject to competition from both existing and new competitors. The costs of entry to the market can be relatively low, however, in certain specialist sectors, such as within the Public Sector, these costs can rise on the back of increased levels of compliance, and business investment required by local regulators and clients.

 

The year has seen high inflation rates and interest rates rising at their fastest rate for many years, so the Group needs to remain agile and focused on managing the impact of these risks on all related stakeholders.

Commercial risk

The Group benefits from close commercial relationships with key clients in both the public and private sector. Within the private sector, the Group is not dependent on any single key client. The public sector markets in which we operate are directly dependent on funding from local and national government organisations and these clients remain the largest customers in the business.

 

Technology risk

The Group is reliant on a number of technology systems in providing its services to clients. These systems are located both in-house and in various data centres. The business continues to review and enhance its ability to cope with the loss of a technology system as a result of a significant event.

 

Regulatory risk

The staffing industry is governed by an increasing level of compliance. Additionally, clients require more complex levels of compliance in their contractual arrangements. The Group takes its responsibilities seriously, is committed to meeting all of its regulatory responsibilities, which include changes to national minimum wage legislation, and continues to develop its internal controls and processes with respect to legal and contractual obligations.

 

Financial risk

The Group utilises various financial instruments including cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below.

Interest rate risk

The Group finances its operations through a mixture of cash, creditors, invoice discounting facilities and bank loans. The exposure to interest rate fluctuations are largely limited to the movement in base rate in the UK. The financing was also modelled on an assumed higher base rate.

Key performance indicators

The financial performance of the Group is measured using the following key performance indicators:

 

Cash collection is an important part of the effective working capital management. The average debtor days at the year end were 38 days.

 

Sales for the year ended 31 March 2024 were £1.3bn with an operating profit before exceptional items of £23m.

 

The Group is committed to working in partnership, and building long-term relationships with its suppliers. Each period the Group reviews its creditor policies and average creditor terms. At the year end, average creditor days were 43 days.

TWENTY20 CAPITAL INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Other performance indicators

The Group measures its non-financial performance as follows:

 

The securing of new business is a critical area if the Group is to continue to grow and a number of new accounts were awarded from both new and existing customers. The Group is a large employer and strives to ensure that a minimum of 99% of all employees are paid accurately and on time.

Going concern

The Group has access to a £132.1m Invoice Discounting Facility with Close Brothers for the period to September 2025 and a further £30m from other providers. Based on current short term cashflow projections, the Group can operate within the facility structure provided.

 

The capital structure of the Group will ensure that it is adequately funded with sufficient headroom in facilities to accommodate the growth plans of the business.

 

To enhance financial performance, management has taken, and will continue to take steps to maximise overhead efficiency and are confident that the Group has adequate resources to continue operating for the foreseeable future.

 

Although the current economic environment creates uncertainty, the Group's forecasts and projections, which take account of reasonably possible changes in performance and the risks and uncertainties, indicate that the Group will be able to operate within the level of its facilities for the foreseeable future, for a period of at least 12 months from the date these financial statements are signed.

 

The Group has good relationships with its lenders and it is fully expected that the facilities will be routinely renewed as and when they fall due.

 

Consequently, the going concern principle has been adopted in preparing the annual report and financial statements.

Statement of corporate governance

Published by the Financial Reporting Council (FRC) in December 2018, the Wates Corporate Governance Principles for large private companies has been applied by Twenty20 Capital Investments Limited for the year ended 31 March 2024. The Group has also applied the Wates principles as an appropriate framework when making disclosure regarding corporate governance arrangements. The Group has applied these principles through:

 

Purpose and leadership

Through continuous innovation of services, knowledge of clients and the market the Group vision is to offer a straightforward, compliant service to all clients as well as providing continuous development opportunities to our employees. The fundamental approach to making effective decisions remains the need to consider the interests of the Group employees together with the business relationships of our customers and suppliers.

 

Board composition

This comprises of the two Investment Principals who are also directors of the Company. In addition there are other Directors from associated companies that sit on the Board.

 

The Company holds Board meetings throughout the year and is supported by management and various departmental divisions providing timely and detailed information in support of the Board's decision making. The Board operates an agenda of items appropriate to the size and complexity of the business.

TWENTY20 CAPITAL INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Director responsibilities

Per Section 172 of the Companies Act 2006, the Group recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business. The members of the board bring a wide range of technical and industrial experience when making decisions.

 

Principal decisions are undertaken by the operational management teams with clear delegated authority. Any subsequent case due to changes impacting our stakeholders are then referred to the Board.

 

The Group people values form the principles of the culture, and are used by the Board, acting as a guiding framework for decision making. Good governance and effective communication are essential to ensuring business decisions and conduct are of a high standard. This assists with the delivery of our purpose, whilst at the same time protecting the Group's reputation.

 

The fundamental approach to making effective decisions remains the need to consider the interests of the Group employees together with the business relationships of our customers and suppliers.

Remuneration

The Group adopts clear remuneration structures that are aligned with the Group’s purpose, values and culture as well as the delivery of strategy to support long-term sustainable success. Our policies include robust consideration of the reputational and behavioural risks to the Group that can result from inappropriate incentives and excessive rewards.

 

Training

There remains continuous training and development plans to ensure that director awareness of standards, policies and Group strategy are understood.

 

Staff

Working from home and working from the office continue to be the business and its employees preferred options. Individuals have the flexibility to work from the office where there is a business or personal need. There are regular one-to-ones to set clear goals, and regular company-wide management briefings. Our Wellness sessions for all employees with an external provider continued throughout the year and are still ongoing.

 

Opportunity and risk

As noted above, our matrix of meetings at various management levels across the business continue to operate and be effective for decision making and evaluate key business risks. All risks are assessed against the strategic objectives in place.

TWENTY20 CAPITAL INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

Engagement with stakeholders

The Group's stakeholders are clients, candidates, suppliers, colleagues, investors and lenders and the Board recognises the need to regularly engage with its stakeholders as it makes decisions, development and encouraging long-term relationships with all stakeholders.

 

Our stakeholders’ interests have been forefront when the Board of Directors set the strategic priorities of the Group.

 

In addition to regular stakeholder engagement, as the Board of Directors, our intention is to take into account our operational impacts on the community and environment, and our wider societal responsibilities, and in particular, how we impact the regions we serve. We support our communities by finding them good work, supporting local corporate social responsibility initiatives and ensuring our impact on the environment is minimal.

 

Stakeholder considerations:

 

Colleagues

Colleagues will benefit from being part of a more focused recruitment Group business with opportunities to invest in people and technology, customer solutions and ways of working suited to the sectors in which they operate.

 

Clients, candidates and suppliers

The ongoing, more focussed portfolio will enhance interaction with clients, candidates and suppliers and allow further investment in technology and people which will enhance our staffing and workforce solutions offering.

 

Investors and lenders

The more focussed, efficient Twenty20 Group are perfectly placed to accelerate growth and will deliver long‑term value creation for colleagues, customers, supplier and shareholders.

 

Outcome

The remaining Group will benefit from being more focused on key growth markets, creating agility and efficiency to deliver higher margins and return of capital.

 

We continue to invest in our communities and our engagement with our workforce has been described above.

 

Environment

Although we are a service‑based organisation with no manufacturing facilities and limited transportation requirements, we are still committed to following environmental best practices in the day‑to‑day conduct of our business. This includes the use of sustainable and/or recyclable materials when available. A regular review of the potential impacts on the various businesses is undertaken in relation to their environment management systems.

 

On behalf of the board

Mr IJ Munro
Director
24 March 2025
TWENTY20 CAPITAL INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £5,737k (2023 - £6,435k).

 

Ordinary dividends were paid amounting to £12,492k (2023 - £11,125k). 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:

Mr IJ Munro
Mr TN Ramus
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Supplier payment policy

The Group’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, ensuring that suppliers are made aware of the terms of payment and abide by them.

Disabled persons

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

Employee involvement

The Group places considerable value on the involvement of its employees in the business and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group. This is achieved through formal and informal meetings and information bulletins. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Post reporting date events

In April 2024, Career Teachers Limited and Career Teachers 2006 Limited were sold to a Group under common control for £5.3m.

In December 2024, T20 AF Midco Limited, Austin Fraser International Limited and Austin Fraser GmbH were put into administration. This does not impact the going concern assumptions for the Group.

Auditor

The Company changed its auditor for the year ended 31 March 2024 to Cooper Parry Group Limited. The directors thank MHA for their role as auditor in the previous period. Cooper Parry Group Limited will be appointed as auditors for the next period.

TWENTY20 CAPITAL INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Energy and carbon report

Energy usage covered in this disclosure covers all professional services provided in the UK and throughout Europe. The primary contributors are electricity and gas consumption within our office buildings (where we pay the energy supplier directly), and fuel used for business mileage.

 

Energy usage has been calculated based on gas and electricity meter readings, extrapolated where readings were not available. Fuel used in respect of both reimbursed business mileage and in respect of vehicles owned by the Group have been taken from expense claims and have been extrapolated where data was not available, and conversions were made into tCO2e.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
14,838,702
13,333,806
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,097.98
1,170.10
- Fuel consumed for owned transport
36.32
31.90
1,134.30
1,202.00
Scope 2 - indirect emissions
- Electricity purchased
446.71
294.30
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
1,479.24
1,219.90
Total gross emissions
3,060.25
2,716.20
Intensity ratio
Tonnes CO2e per employee
2.2900
4.3897
Quantification and reporting methodology

The Group has followed the 2019 HM Government Environmental Reporting Guidelines. The Group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of revenue.

Measures taken to improve energy efficiency

The Group is committed to making careful assessments of its levels of energy consumption and impact of carbon dioxide emissions on the environment. This includes, for example, the installation of energy saving devices, smart meters and low-energy lighting in our office buildings.

TWENTY20 CAPITAL INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
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.

Matters covered in the Group strategic report

The Gtrueroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business and the Statement of Corporate Governance.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr IJ Munro
Director
24 March 2025
TWENTY20 CAPITAL INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWENTY20 CAPITAL INVESTMENTS LIMITED
- 9 -
Opinion

We have audited the financial statements of Twenty20 Capital Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 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:

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.

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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TWENTY20 CAPITAL INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWENTY20 CAPITAL INVESTMENTS LIMITED
- 10 -
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 set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

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

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

Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

 

We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:

 

TWENTY20 CAPITAL INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWENTY20 CAPITAL INVESTMENTS LIMITED
- 11 -

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 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.

Justine Hughes (Senior Statutory Auditor)
for and on behalf of
Cooper Parry Group Limited
Statutory Auditor
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
24 March 2025
TWENTY20 CAPITAL INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£ 000
£ 000
Turnover
3
1,328,625
618,769
Cost of sales
(1,108,022)
(528,836)
Gross profit
220,603
89,933
Administrative expenses
(197,962)
(72,236)
Other operating income
11
948
Exceptional items
4
(11,610)
(616)
Operating profit
5
11,042
18,029
Share of profits of joint ventures
-
23
Other interest receivable and similar income
9
776
327
Interest payable and similar expenses
10
(10,429)
(1,887)
Profit before taxation
1,389
16,492
Tax on profit
11
5,904
(3,777)
Profit for the financial year
7,293
12,715
Profit for the financial year is attributable to:
- Owners of the parent Company
5,737
6,435
- Non-controlling interests
1,556
6,280
7,293
12,715
Total comprehensive income for the year is attributable to:
- Owners of the parent Company
5,737
6,435
- Non-controlling interests
1,556
6,280
7,293
12,715

The notes on pages 19 to 47 form part of these financial statements.

TWENTY20 CAPITAL INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Fixed assets
Goodwill
13
126,027
113,150
Other intangible assets
13
1,213
1,038
Total intangible assets
127,240
114,188
Tangible assets
14
6,886
5,129
Investments
15
23
319
134,149
119,636
Current assets
Stocks
17
1,141
405
Debtors
18
289,202
276,603
Cash at bank and in hand
14,520
19,381
304,863
296,389
Creditors: amounts falling due within one year
19
(334,850)
(328,720)
Net current liabilities
(29,987)
(32,331)
Total assets less current liabilities
104,162
87,305
Creditors: amounts falling due after more than one year
20
(62,788)
(39,848)
Provisions for liabilities
Provisions
23
10,548
12,932
Deferred tax liability
24
252
-
0
(10,800)
(12,932)
Net assets
30,574
34,525
Capital and reserves
Called up share capital
26
-
0
-
0
Foreign exchange reserve
27
(1,429)
(196)
Profit and loss reserves
27
12,942
18,124
Equity attributable to owners of the parent Company
11,513
17,928
Non-controlling interests
19,061
16,597
Total equity
30,574
34,525

The notes on pages 19 to 47 form part of these financial statements.

TWENTY20 CAPITAL INVESTMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr IJ Munro
Director
Company registration number 12576810 (England and Wales)
TWENTY20 CAPITAL INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 15 -
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Fixed assets
Investments
15
7
1
Current assets
Debtors
18
24,566
36,462
Cash at bank and in hand
377
312
24,943
36,774
Creditors: amounts falling due within one year
19
(21,656)
(32,867)
Net current assets
3,287
3,907
Net assets
3,294
3,908
Capital and reserves
Called up share capital
26
-
0
-
0
Profit and loss reserves
27
3,294
3,908
Total equity
3,294
3,908

The notes on pages 19 to 47 form part of these financial statements.

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 £10,306k (2023 - £7,976k profit).

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr IJ Munro
Director
Company registration number 12576810 (England and Wales)
TWENTY20 CAPITAL INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Foreign exchange reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total equity
Notes
£ 000
£ 000
£ 000
£ 000
£ 000
£ 000
Balance at 1 April 2022
-
0
75
15,792
15,867
7,335
23,202
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
6,435
6,435
6,280
12,715
Dividends
12
-
-
(4,103)
(4,103)
(7,022)
(11,125)
Acquisition of subsidiary
-
-
-
-
10,004
10,004
Other movements
-
(271)
-
(271)
-
(271)
Balance at 31 March 2023
-
0
(196)
18,124
17,928
16,597
34,525
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
5,737
5,737
1,556
7,293
Dividends
12
-
-
(10,919)
(10,919)
(1,573)
(12,492)
Acquisition of subsidiary
28
-
-
-
-
1,059
1,059
Other movements
-
(1,233)
-
(1,233)
1,422
189
Balance at 31 March 2024
-
0
(1,429)
12,942
11,513
19,061
30,574

The notes on pages 19 to 47 form part of these financial statements.

TWENTY20 CAPITAL INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
Share capital
Profit and loss reserves
Total equity
Notes
£ 000
£ 000
£ 000
Balance at 1 April 2022
-
0
35
35
Year ended 31 March 2023:
Profit and total comprehensive income
-
7,976
7,976
Dividends
12
-
(4,103)
(4,103)
Balance at 31 March 2023
-
0
3,908
3,908
Year ended 31 March 2024:
Profit and total comprehensive income
-
10,306
10,306
Dividends
12
-
(10,920)
(10,920)
Balance at 31 March 2024
-
0
3,294
3,294

The notes on pages 19 to 47 form part of these financial statements.

TWENTY20 CAPITAL INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Cash flows from operating activities
Cash generated from operations
33
32,353
63,437
Interest paid
(10,429)
(1,887)
Income taxes paid
(6,547)
(1,710)
Net cash inflow from operating activities
15,377
59,840
Investing activities
Consideration for acquisitions, net of cash acquired
(21,284)
(109,924)
Purchase of intangible assets
(12,026)
(320)
Proceeds from disposal of intangibles
1
-
Purchase of tangible fixed assets
(4,024)
(1,833)
Proceeds from disposal of tangible fixed assets
486
-
Proceeds from disposal of associates
-
(1)
Proceeds from disposal of investments
-
42
Interest received
775
152
Dividends received
1
175
Net cash used in investing activities
(36,071)
(111,709)
Financing activities
New borrowings
28,118
60,914
New finance leases obligations
18
-
Dividends paid to equity shareholders
(10,919)
(4,103)
Dividends paid to non-controlling interests
(1,573)
(7,022)
Net cash generated from financing activities
15,644
49,789
Net decrease in cash and cash equivalents
(5,050)
(2,080)
Cash and cash equivalents at the beginning of the year
19,381
21,706
Effect of foreign exchange rates
189
(245)
Cash and cash equivalents at the end of the year
14,520
19,381

The notes on pages 19 to 47 form part of these financial statements.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
1
Accounting policies
Company information

Twenty20 Capital Investments Limited (“the Company”) is a private limited Company domiciled and incorporated in England and Wales. The registered office is 33 Soho Square, London, England, W1D 3QU.

 

The Group consists of Twenty20 Capital Investments 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 £'000.

The financial statements have been prepared under the historical cost convention unless otherwise specified. 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 the 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 information presented within the consolidated financial statements:

 

1.2
Business combinations

In the Group financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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 Twenty20 Capital Investments 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 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the Group holds an interest and which are jointly controlled by the Group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the Group has a participating interest and over whose operating and financial policies the Group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the Group balance sheet at cost plus post-acquisition changes in the Group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the Group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group’s interest in the entity.

1.4
Going concern

The Group has access to a £132.1m Invoice Discounting Facility with Close Brothers for the period to September 2025 and a further £30m from other providers. Based on current short term cashflow projections, the Group can operate within the facility structure provided.

 

The capital structure of the Group will ensure that it is adequately funded with sufficient headroom in facilities to accommodate the growth plans of the business.

 

To enhance financial performance, management has taken,and will continue to take steps to maximise overhead efficiency and are confident that the Group has adequate resources to continue operating for the foreseeable future.

 

Although the current economic environment creates uncertainty, the Group's forecasts and projections, which take account of reasonably possible changes in performance and the risks and uncertainties, indicate that the Group will be able to operate within the level of its facilities for the foreseeable future, for a period of at least 12 months from the date these financial statements are signed.

 

The Group has good relationships with its lenders and it is fully expected that the facilities will be routinely renewed as and when they fall due.

 

Consequently, the going concern principle has been adopted in preparing the annual report and financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Interest income is recognised in the Group Statement of Comprehensive Income using the effective interest method.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Development costs
20 - 25% on cost
1.9
Tangible fixed assets

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

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

Freehold land and buildings
Not depreciated
Leasehold land and buildings
Straight line over 5 years (or over the life of the lease)
Plant and equipment
Straight line over 3 years
Fixtures and fittings
Straight line over 3 - 14 years
Computers
Straight line over 3 - 14 years
Motor vehicles
Straight line over 3 - 4 years

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

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.10
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the Company holds a long-term interest and where the Company has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the Group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the Company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent Company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the Group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
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 the Group Statement of Comprehensive Income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -

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 the Group Statement of Comprehensive Income, 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.

1.12
Stocks

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

 

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

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

1.13
Cash and cash equivalents

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

1.14
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.

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 the Group Statement of Comprehensive Income, 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.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
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 the Group Statement of Comprehensive Income.

 

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 the Group Statement of Comprehensive Income.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 the Group Statement of Comprehensive Income in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. 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.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
Derecognition of financial liabilities

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

1.15
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.

1.16
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Group Statement of Comprehensive Income 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 Group Statement of Comprehensive Income, 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.

1.17
Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the Group Statement of Comprehensive Income in the period in which it arises.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
1.18
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.

1.19
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Group Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Group Statement of Comprehensive Income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the Group Statement of Comprehensive Income 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.

1.21
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.22
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 the Group Statement of Comprehensive Income.

1.23

Finance costs

Finance costs are charged to the Group Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount, Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 27 -
1.24

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.25

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.26
Dividends
Equity dividends are recognised when the become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.27
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
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:

Bad debt provision

Management review the aged debtors listing for any slow-moving debts. If it is deemed probable that they will not be able to recover the debt a provision is made in the financial statements.

Deferred tax asset

The Group recognises a deferred tax asset to the extent that it is probable that future taxable profit will be available against which unused tax losses can be utilised. Following a period of reconstruction, the Group considers that future taxable profits can now be estimated more reliably and is therefore recognising the asset.

Provisions

The Group recognises various provisions which are subject to estimation uncertainty. The basis of these provisions are disclosed in Note 23.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
3
Turnover and other revenue
2024
2023
£ 000
£ 000
Turnover analysed by class of business
Recruitment
1,008,262
348,912
Services
319,899
269,158
Management fees
464
699
1,328,625
618,769
2024
2023
£ 000
£ 000
Turnover analysed by geographical market
United Kingdom
1,082,970
548,253
Rest of Europe
131,067
50,996
Rest of the World
114,588
19,520
1,328,625
618,769
4
Exceptional items
2024
2023
£ 000
£ 000
Expenditure
Impairment of goodwill
540
-
Restructuring costs
5,993
616
Impairment of development costs
4,791
-
Loss on disposal of investments
286
-
11,610
616

The £5,993k of restructuring costs represents transaction and integration costs incurred by the acquired businesses in the year.

 

The £4,791k impairment of development costs relate to strategic decisions to write off some assets in readiness to improve our digital offering to patients and other corporate systems.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
5
Operating profit
2024
2023
£ 000
£ 000
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(7)
(291)
Government grants
-
(100)
Depreciation of owned tangible fixed assets
3,864
1,867
(Profit)/loss on disposal of tangible fixed assets
(224)
77
Amortisation of intangible assets
14,009
3,429
Impairment of intangible assets
5,331
251
Loss on disposal of intangible assets
15
-
Operating lease charges
12,073
1,672
6
Auditor's remuneration
2024
2023
Fees payable to the Company's auditor and associates:
£ 000
£ 000
For audit services
Audit of the financial statements of the Group and Company
65
130
Audit of the financial statements of the Company's subsidiaries
645
345
710
475
For other services
All other non-audit services
-
24
7
Employees
The average monthly number of persons (including directors) employed by the Group and Company during the year was:
Restated
Restated
Group
Group
Company
Company
2024
2023
2024
2023
Number
Number
Number
Number
Service personnel
15,341
3,273
-
-
Administration
4,289
3,139
-
-
Total
19,630
6,412
-
-
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Employees
(Continued)
- 30 -

Their aggregate remuneration comprised:

Restated
Restated
Group
Group
Company
Company
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
Wages and salaries
631,716
182,918
-
0
-
0
Social security costs
29,423
18,519
-
-
Pension costs
25,466
16,528
-
0
-
0
686,605
217,965
-
0
-
0

The comparative figures have been amended to show just the permanent members of staff as opposed to including the persons on hire to clients.

 

The Company has no employees other than the directors, who were remunerated by other Group companies during the current and prior years.

8
Directors' remuneration
2024
2023
£ 000
£ 000
Remuneration for qualifying services
300
300
Group pension contributions to defined contribution schemes
120
8
420
308
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£ 000
£ 000
Remuneration for qualifying services
150
150
Group pension contributions to defined contribution schemes
60
4

During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

 

Key management personnel of the Company are the directors only. During the year, key management personnel remuneration of the Group (including key management personnel remuneration of the Company) totalled £2,376k (2023 - £1,862k).

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
9
Interest receivable and similar income
2024
2023
£ 000
£ 000
Interest income
Other interest income
775
152
Other income from investments
Dividends received
1
175
Total income
776
327
Disclosed in the Group Statement of Comprehensive Income as follows:
Other interest receivable and similar income
776
327
10
Interest payable and similar expenses
2024
2023
£ 000
£ 000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
362
126
Interest on invoice finance arrangements
5,074
888
Other interest on financial liabilities
4,867
873
10,303
1,887
Other finance costs:
Interest on finance leases and hire purchase contracts
126
-
Total finance costs
10,429
1,887
11
Taxation
2024
2023
£ 000
£ 000
Current tax
UK corporation tax on profits for the current period
5,954
1,627
Adjustments in respect of prior periods
(1,860)
(54)
Total current tax
4,094
1,573
Deferred tax
Origination and reversal of timing differences
(9,998)
2,204
Total tax (credit)/charge
(5,904)
3,777
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 32 -

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 19%).

 

The actual (credit)/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
£ 000
£ 000
Profit before taxation
1,389
16,492
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
347
3,133
Tax effect of expenses that are not deductible in determining taxable profit
4,156
445
Tax effect of income not taxable in determining taxable profit
(923)
160
Change in unrecognised deferred tax assets
387
504
Adjustments in respect of prior years
(11,993)
(54)
Effect of change in corporation tax rate
-
437
Group relief
-
0
118
Permanent capital allowances in excess of depreciation
(14)
(91)
Depreciation on assets not qualifying for tax allowances
(26)
-
Amortisation on assets not qualifying for tax allowances
2,340
-
0
Other non-reversing timing differences
(111)
-
0
Effect of overseas tax rates
(36)
(1,312)
Deferred tax not recognised
125
27
Tax credits
12
410
Losses brought forward
(168)
-
0
Taxation (credit)/charge
(5,904)
3,777

In the year ended 31 March 2024, adjustments to the deferred tax charge in respect of prior periods largely relate to the recognition of previously unrecognised deferred tax.

12
Dividends
2024
2023
Recognised as distributions to equity holders:
£ 000
£ 000
Final Group dividends paid
12,492
11,125
Final Company dividends paid
10,920
4,103
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Development costs
Total
£ 000
£ 000
£ 000
£ 000
Cost
At 1 April 2023
116,472
(31,074)
1,122
86,520
Created on acquisition
15,324
-
0
-
0
15,324
Additions
10,848
-
0
1,180
12,028
Acquired on acquisition
-
0
-
0
5,056
5,056
Disposals
-
0
-
0
(42)
(42)
At 31 March 2024
142,644
(31,074)
7,316
118,886
Amortisation and impairment
At 1 April 2023
3,322
(31,074)
85
(27,667)
Amortisation charged for the year
12,755
-
0
1,254
14,009
Impairment losses
540
-
0
4,791
5,331
Disposals
-
0
-
0
(27)
(27)
At 31 March 2024
16,617
(31,074)
6,103
(8,354)
Carrying amount
At 31 March 2024
126,027
-
0
1,213
127,240
At 31 March 2023
113,150
-
0
1,038
114,188
The Company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£ 000
£ 000
£ 000
£ 000
£ 000
£ 000
£ 000
Cost
At 1 April 2023
150
735
5,162
573
1,627
14
8,261
Additions
-
0
67
2,720
185
1,051
-
0
4,023
Acquired on acquisition
748
200
30
126
747
-
0
1,851
Disposals
(150)
(100)
(112)
(87)
(157)
-
0
(606)
Exchange adjustments
-
0
8
2
(1)
(1)
-
0
8
At 31 March 2024
748
910
7,802
796
3,267
14
13,537
Depreciation and impairment
At 1 April 2023
-
0
216
2,162
191
549
14
3,132
Depreciation charged in the year
-
0
225
2,106
230
1,303
-
0
3,864
Eliminated in respect of disposals
-
0
(58)
(77)
(87)
(122)
-
0
(344)
Exchange adjustments
-
0
(1)
-
0
-
0
-
0
-
0
(1)
At 31 March 2024
-
0
382
4,191
334
1,730
14
6,651
Carrying amount
At 31 March 2024
748
528
3,611
462
1,537
-
0
6,886
At 31 March 2023
150
519
3,000
382
1,078
-
0
5,129
The Company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
The net book value of tangible assets held under finance leases was £719k (2023 - £Nil).
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Investments in subsidiaries
16
-
0
-
0
7
1
Investments in associates
-
0
1
-
0
-
0
Investments in joint ventures
23
23
-
0
-
0
Unlisted investments
-
0
295
-
0
-
0
23
319
7
1
Movements in fixed asset investments
Group
Shares in associates and joint ventures
Other investments
Total
£ 000
£ 000
£ 000
Cost or valuation
At 1 April 2023
24
379
403
Disposals
(1)
(379)
(380)
At 31 March 2024
23
-
23
Impairment
At 1 April 2023
-
84
84
Charge for the period
-
9
9
Disposals
-
(93)
(93)
At 31 March 2024
-
-
-
Carrying amount
At 31 March 2024
23
-
23
At 31 March 2023
24
295
319
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£ 000
Cost or valuation
At 1 April 2023
1
Additions
6
At 31 March 2024
7
Carrying amount
At 31 March 2024
7
At 31 March 2023
1
16
Subsidiaries
Details of the Company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Twenty20 Capital Holdings Limited*
England and Wales
Ordinary
90.00
-
Twenty20 Capital Services Limited*
England and Wales
Ordinary
100.00
-
T20 MP Alpha Limited*
England and Wales
Ordinary
88.00
-
T20 Pioneer Holdings Ltd*
England and Wales
Ordinary
81.00
-
T20 Toucan Holdco Limited*
England and Wales
Ordinary
84.00
-
T20 Ultimo Holdco Limited
England and Wales
Ordinary
85.00
-
T20 Pioneer Midco Limited*
England and Wales
Ordinary
0
74.52
HCRG Care Group Holdings Limited**
England and Wales
Ordinary
0
74.52
HCRG Care Limited* **
England and Wales
Ordinary
0
74.52
HCRG Care Private Limited* **
England and Wales
Ordinary
0
74.52
HCRG Care Services Limited* **
England and Wales
Ordinary
0
74.52
HCRG Care Provider Services Limited**
England and Wales
Ordinary
0
74.52
HCRG Care Community Services Limited* **
England and Wales
Ordinary
0
74.52
HCRG Care Coventry LLP* **
England and Wales
Ordinary
0
74.52
HCRG Care East Ridings LLP* **
England and Wales
Ordinary
0
74.52
HCRG Care Vertis LLP* **
England and Wales
Ordinary
0
74.52
HCRG Care Reading LLP* **
England and Wales
Ordinary
0
74.52
Peninsula Health LLP* **
England and Wales
Ordinary
0
37.26
HCRG Custodial Services Limited* **
England and Wales
Ordinary
0
74.52
CMB Healthcare Holdings Limited* **
England and Wales
Ordinary
0
67.07
HCRG Medical Services Limited*
England and Wales
Ordinary
0
67.07
CRG Medical Services Limited* **
England and Wales
Ordinary
0
67.07
HCRG Workforce Solutions Limited
England and Wales
Ordinary
0
74.52
HCL Healthcare Limited*
England and Wales
Ordinary
0
74.52
HCL Permanent Limited*
England and Wales
Ordinary
0
74.52
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 37 -
HCL Doctors Limited*
England and Wales
Ordinary
0
74.52
HCRG Staffing Limited
England and Wales
Ordinary
0
74.52
Affinity Healthcare Solutions Limited*
England and Wales
Ordinary
0
74.52
Sugarman Group Limited*
England and Wales
Ordinary
0
74.52
Sugarman Health and Wellbeing Limited
England and Wales
Ordinary
0
74.52
Melia Care Services Limited*
England and Wales
Ordinary
0
74.52
CRG Defence & Primary Care Limited*
England and Wales
Ordinary
0
74.52
Total Healthcare Partnership Limited
England and Wales
Ordinary
0
74.52
JCJ Locums Limited
England and Wales
Ordinary
0
74.52
Twenty20 Capital Bidco1 Limited*
England and Wales
Ordinary
0
83.39
Twenty 20 Midco 1 Limited*
England and Wales
Ordinary
0
83.39
Twenty 20 Midco 2 Limited*
England and Wales
Ordinary
0
83.39
The Rec Co. Support Limited*
England and Wales
Ordinary
0
83.39
The Rec Co. Central Services Limited*
England and Wales
Ordinary
0
83.39
The UK Recruitment Co. Limited
England and Wales
Ordinary
0
83.39
Premiere Employment Group Limited*
England and Wales
Ordinary
0
83.39
Staffgroup Ltd*
England and Wales
Ordinary
0
83.39
Eurostaff Group AB
England and Wales
Ordinary
0
83.39
Earthstaff Ltd*
England and Wales
Ordinary
0
83.39
T20 Ultimo Midco Limited*
England and Wales
Ordinary
0
63.50
T20 Ultimo Midco 2 Limited*
England and Wales
Ordinary
0
63.50
Halian Limited*
England and Wales
Ordinary
0
63.50
Halian Saudi LLC
4th Floor Centria Tower, Office 422,Suite #406, Riyadh 11423, Kingdom of Saudi Arabia
Ordinary
0
63.50
Halian Gulf LLC
Office L8, 4th Floor, Global Business Centre, Al Hitmi Village, Building 8, Corniche Street, Doha
Ordinary
0
63.50
Halian Labour Supply LLC
Al Salam Tower, Floor 25th, Media City, Dubai, UAE, O.O. Box 500845
Ordinary
0
63.50
Halian Sarl
23 Rue des Bruyeres, Howald, Luxembourg, L-1274
Ordinary
0
63.50
Halian International FZ LLC
102 First Floor, Building 4, Dubai Outsource City, UAE
Ordinary
0
63.50
Halian International LLC
UAE
Ordinary
0
63.50
Halian International LLC
Abu Dhabi
Ordinary
0
63.50
Halian Staffgroup Limited*
England and Wales
Ordinary
0
63.50
Halian International Ltd*
England and Wales
Ordinary
0
63.50
Halian SAS
250 Bis Boulevard, Saint-Germain, 75007 Paris
Ordinary
0
63.50
Staffgroup GmbH (Switzerland)
Ruessenstrasse 5, Baar, 6340, CN
Ordinary
0
63.50
Halian GmbH
Karl-Liebknecht-Str. 5, 10178 Berlin
Ordinary
0
63.50
RSS Global Limited
England and Wales
Ordinary
0
84.00
RSS Global Central Services Limited*
England and Wales
Ordinary
0
84.00
Medacs Global Group Limited*
England and Wales
Ordinary
0
84.00
Global Group (UK) Limited*
England and Wales
Ordinary
0
84.00
Chrysalis Community Care Group Limited
England and Wales
Ordinary
0
84.00
PRN Recruitment Limited*
England and Wales
Ordinary
0
84.00
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 38 -
Medacs Healthcare Limited
England and Wales
Ordinary
0
84.00
Medacs Healthcare Australasia Limited*
England and Wales
Ordinary
0
84.00
Global Medics NZ Limited
New Zealand
Ordinary
0
84.00
Global and Medical Recruitment Inc
Canada
Ordinary
0
84.00
Global Medics Pty Limited
Australia
Ordinary
0
84.00
Medacs Global Group Limited*
Ireland
Ordinary
0
84.00
Global Medics Limited*
England and Wales
Ordinary
0
84.00
Doctors on Call Limited*
England and Wales
Ordinary
0
84.00
Litmus Workforce Solutions Ltd*
England and Wales
Ordinary
0
84.00
Litmus Workforce Solutions Limited
Ireland
Ordinary
0
84.00
Litmus Workforce Solutions Pty Limited
Australia
Ordinary
0
84.00
Medacs Healthcare Pty Limited
Australia
Ordinary
0
84.00
Medacs Healthcare Limited
New Zealand
Ordinary
0
84.00
Medacs Healthcare Australia Pty Limited
Australia
Ordinary
0
84.00
Healthlink New Zealand Group Limited
New Zealand
Ordinary
0
84.00
Allied Employment Group Pty Limited
Australia
Ordinary
0
84.00
Blue Arrow Holdings Limited*
England and Wales
Ordinary
0
84.00
Blue Arrow Limited
England and Wales
Ordinary
0
84.00
Blue Arrow Financial Services Limited*
England and Wales
Ordinary
0
84.00
Tate Recruitment Limited
England and Wales
Ordinary
0
84.00
Chadwick Nott (Holdings) Limited*
England and Wales
Ordinary
0
84.00
Career Teachers Limited
England and Wales
Ordinary
0
84.00
Career Teachers 2006 Limited*
England and Wales
Ordinary
0
84.00
T20 AF Holdco Limited
England and Wales
Ordinary
53.33
-
T20 Pioneer Midco 2 Limited
England and Wales
Ordinary
0
81.00
Cordant FM Solutions Limited
England and Wales
Ordinary
0
83.39
Cordant People Limited
England and Wales
Ordinary
0
83.39
2020 H Limited
England and Wales
Ordinary
0
83.39
Halian Holdings Limited*
England and Wales
Ordinary
0
63.50
T20 Toucan Midco 2 Limited
England and Wales
Ordinary
0
84.00
T20 Osprey Midco Limited*
England and Wales
Ordinary
0
74.52
Operose Health Limited***
England and Wales
Ordinary
0
74.52
Operose Health (Group) Limited* ***
England and Wales
Ordinary
0
74.52
The Practice Properties Limited* ***
England and Wales
Ordinary
0
74.52
Operose Health (Group) UK Limited* ***
England and Wales
Ordinary
0
74.52
AT Medics Holdings LLP* ***
England and Wales
Ordinary
0
74.52
Primary Care Partners Limited* ***
England and Wales
Ordinary
0
74.52
AT Medics Limited* ***
England and Wales
Ordinary
0
74.52
AT Learning Limited* ***
England and Wales
Ordinary
0
74.52
AT Technology Limited* ***
England and Wales
Ordinary
0
74.52
AT Technology (Private) Limited* ***
England and Wales
Ordinary
0
74.52
Chilvers & McCrea Limited* ***
England and Wales
Ordinary
0
74.52
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 39 -
Operose Health Corporate Management Limited* ***
England and Wales
Ordinary
0
74.52
The Practice U Surgeries Limited* ***
England and Wales
Ordinary
0
74.52
The Practice Surgeries Limited* ***
England and Wales
Ordinary
0
74.52
Phoenix Primary Care Limited* ***
England and Wales
Ordinary
0
74.52
Phoenix Primary Care (South) Limited* ***
England and Wales
Ordinary
0
74.52
T20 AF Midco Limited*
England and Wales
Ordinary
0
53.33
T20 AF (UK) Limited*
England and Wales
Ordinary
0
53.33
Austin Fraser International Ltd
England and wales
Ordinary
0
53.33
Austin Fraser Inc
USA
Ordinary
0
53.33
Austin Fraser GmbH
Germany
Ordinary
0
53.33
HCRG Workforce & Sugarman Holdings Limited
England and Wales
Ordinary
0
74.52
HCRG Workforce Solutions Support Services Limited
England and Wales
Ordinary
0
74.52
Finance Systems Limited*
England and Wales
Ordinary
0
83.39

Unless otherwise indicated, the registered office address of all England and Wales subsidiaries is 33 Soho Square, London, W1D 3QU.

 

* Subsidiary is exempt from the requirements of the Companies Act 2006 relating to the audit of its individual accounts by virtue of section 479A.

 

** The registered office of these Companies is The Health Business and Technical Park, Runcorn, Cheshire, WA7 4QX.

 

*** The registered office of these Companies is 108 High Street, Great Missenden, HP16 0BG.

17
Stocks
Group
Company
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
Finished goods and goods for resale
1,141
405
-
0
-
0
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 40 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£ 000
£ 000
£ 000
£ 000
Trade debtors
137,520
154,381
35
560
Corporation tax recoverable
2,384
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
22,272
35,802
Other debtors
73,358
68,818
2,090
-
0
Prepayments and accrued income
54,112
41,574
169
100
267,374
264,773
24,566
36,462
Deferred tax asset (note 24)
21,828
11,830
-
0
-
0
289,202
276,603
24,566
36,462

Amounts owed by group undertakings are interest free and repayable on demand.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Bank loans
21
14,129
2,500
-
0
-
0
Obligations under finance leases
22
18
-
0
-
0
-
0
Invoice discounting facility
21
72,995
72,419
-
0
-
0
Trade creditors
37,518
34,382
89
454
Amounts owed to group undertakings
-
0
-
0
9,795
5,457
Corporation tax payable
1,898
2,423
1,117
99
Other taxation and social security
36,766
32,078
-
12
Other creditors
95,091
136,918
10,572
26,802
Accruals and deferred income
76,435
48,000
83
43
334,850
328,720
21,656
32,867

Amounts owed to group undertakings are interest free and repayable on demand.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Bank loans and overdrafts
21
21,954
1,698
-
0
-
0
Other borrowings
21
33,136
34,079
-
0
-
0
Other creditors
7,698
4,071
-
0
-
0
62,788
39,848
-
-
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Creditors: amounts falling due after more than one year
(Continued)
- 41 -
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
28,508
29,508
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
Bank loans
36,083
4,198
-
0
-
0
Other loans
106,131
106,498
-
0
-
0
142,214
110,696
-
-
Payable within one year
87,124
74,919
-
0
-
0
Payable after one year
55,090
35,777
-
0
-
0

The bank loans are secured by way of a floating charge and a corporate guarantee and indemnity.

 

The bank loans are charged interest at varying rates between 3.2% to 4.0% over base and are all repayable by March 2028.

 

Other loans due after more than 5 years consist of loan notes which were issued in November 2022 as a result of the acquisition of HCRG Workforce Solutions Limited. The loan notes are subject to interest at a fixed rate of 5% per annum plus the Bank of England Base Rate and are repayable in full on the earlier of the 10th anniversary of the instrument in 2032 or the date upon which a sale or listing occurs.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
Future minimum lease payments due under finance leases:
Within one year
18
-
0
-
0
-
0

Finance lease payments represent rentals payable for certain items of plant and machinery. The leases are secured over the assets financed.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 42 -
23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£ 000
£ 000
£ 000
£ 000
Property dilapidations
3,116
3,065
-
-
Workers' compensation provision
1,376
4,892
-
-
Insurance provision
5,972
4,975
-
-
Legal provision
84
-
-
-
10,548
12,932
-
-
Movements on provisions:
Property dilapidations
Workers' compensation provision
Insurance provision
Legal provision
Total
Group
£ 000
£ 000
£ 000
£ 000
£ 000
At 1 April 2023
3,066
4,892
4,974
-
12,932
Additional provisions in the year
-
-
998
16
1,014
Utilisation of provision
(45)
(3,516)
-
-
(3,561)
Acquired on acquisition
95
-
-
68
163
At 31 March 2024
3,116
1,376
5,972
84
10,548

Property dilapidations provision

The dilapidations provision relates to the Group's contractual obligation to returned leased properties back to their original condition at the end of the lease term. Management have calculated the provision for each property on a cost per square foot basis, using both historic and current property surveys as a guide for estimated dilapidations cost.

Workers' compensation provision

The workers compensation provision relates to insurance policies with significant excesses, below which claims are borne by the operations. Provision is made for estimated costs of claims or losses arising from past events. The level of provision made is based upon independent actuarial estimates. These estimates take into account the ultimate cost, less amounts paid to date, in respect of accidents occurring between the inception of the policy and the end of the current period, the period covered by these self-insurance arrangements. An allowance is made for claims incurred but not reported in line with standard actuarial practice.

Insurance provision

The insurance provision covers the estimated total gross exposure from potential claims. The insured sum against these claims is £5,261k (2023 - £4,517k) and is included in other debtors. The maximum net exposure is limited to the reflected figure as insurance provided by a third party will cover any claims greater than the already recognised insurance excess.

Legal provision

The legal provision represents the Group's best estimate of the expected cost of settling liabilities, which it expects to arise in the settlement of on-going legal disputes. The timing for realising this provision is not known given the uncertainty of the outcomes and timing of these legal claims but is expected to be in the next 2 years.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 43 -
24
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
£ 000
£ 000
£ 000
£ 000
Accelerated capital allowances
-
-
1,810
2,278
Tax losses
-
-
18,971
8,491
Short term timing differences
252
-
1,047
1,061
252
-
21,828
11,830
The Company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£ 000
£ 000
Asset at 1 April 2023
11,830
-
Credit to the Group Statement of Comprehensive Income
9,998
-
Acquired on acquisition
(252)
-
Asset at 31 March 2024
21,576
-

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. In accordance with FRS 102, a deferred tax asset of £21,828k (2023: £11,830k) has been recognised, arising from tax losses and other timing differences.

 

The Group has an unrecognised deferred tax asset of £4,234k as at 31 March 2024 (2023 - £2,490k) due to uncertainty of future taxable profits.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£ 000
£ 000
Charge to the Group Statement of Comprehensive Income in respect of defined contribution schemes
25,466
16,528

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £6,601k (2023 - £3,022k) were payable to the fund at the balance sheet date and are included in creditors.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 44 -
26
Share capital
Group and Company
2024
2023
2024
2023
100 (2023 - 100) Ordinary shares of £1 each
100
100
-
-
27
Reserves
Foreign exchange reserve

Represents accumulated foreign exchange differences on translating the closing net assets of the Group at the closing exchange rate at the balance sheet date, and the results of the Group's operations at the average exchange rate for the year, into the reporting currency of the Group.

Profit and loss reserves

Represents accumulated comprehensive income less accumulated distributions for the year and prior years.

28
Business combinations

On 8 September 2023 the Group acquired the business and certain assets of Austin Fraser Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£ 000
£ 000
£ 000
Property, plant and equipment
242
-
242
Trade and other receivables
14,880
-
14,880
Cash and cash equivalents
843
-
843
Borrowings
(3,767)
-
(3,767)
Trade and other payables
(14,370)
-
(14,370)
Corporation tax liabilities
(204)
-
(204)
Total identifiable net assets
(2,376)
-
(2,376)
Goodwill
6,006
Total consideration
3,630
The consideration was satisfied by:
£ 000
Cash
3,570
Directly attributable costs
60
3,630
Contribution by the acquired business for the reporting period included in the Group Statement of Comprehensive Income since acquisition:
£ 000
Turnover
35,622
Loss after tax
(528)
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
28
Business combinations
(Continued)
- 45 -

On 28 December 2023 the Group acquired 100% of the issued capital of Operose Health Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£ 000
£ 000
£ 000
Intangible assets
32,197
(27,141)
5,056
Property, plant and equipment
1,609
-
1,609
Inventories
642
-
642
Trade and other receivables
18,557
-
18,557
Cash and cash equivalents
4,675
-
4,675
Trade and other payables
(16,272)
-
(16,272)
Deferred tax liabilities
(252)
-
(252)
Provisions
(163)
-
(163)
Total identifiable net assets
40,993
(27,141)
13,852
Goodwill
9,319
Total consideration
23,171
The consideration was satisfied by:
£ 000
Cash
19,088
Deferred consideration
3,000
Directly attributable costs
1,083
23,171
Contribution by the acquired business for the reporting period included in the Group Statement of Comprehensive Income since acquisition:
£ 000
Turnover
26,527
Profit after tax
357
TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 46 -
29
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
£ 000
£ 000
£ 000
£ 000
Within one year
14,282
10,317
-
-
Between two and five years
20,225
8,836
-
-
In over five years
12,668
581
-
-
47,175
19,734
-
-
30
Events after the reporting date

In April 2024, Career Teachers Limited and Career Teachers 2006 Limited were sold to a Group under common control for £5.3m.

In December 2024, T20 AF Midco Limited, Austin Fraser International Limited and Austin Fraser GmbH were put into administration. This does not impact the going concern assumptions for the Group.

31
Related party transactions

The following amounts were outstanding at the reporting end date:

 

Twenty20 Capital Limited - (A Company controlled by a director/shareholder of the Group)

At the balance sheet date £5,251k (2023 - £13,426k) was due from Group companies to Twenty20 Capital Limited. During the year, the Group received funds of £17,155k (2023 - £41,735k) and made payments of £25,330k (2023 - £28,215k) from/to Twenty20 Capital Limited.

 

IJMH Limited - (A Company controlled by a director/shareholder of the Group)

At the balance sheet date £5,251k (2023 - £13,426k) was due from Group companies to IJMH Limited. During the year, the Group received funds of £17,155k (2023 - £41,735k) and made payments of £25,330k (2023 - £28,215k) from/to IJMH Limited.

 

Health Care Resourcing Group Limited - (A Company controlled by common directors/shareholders of the Group)

At the balance sheet date £34,235k (2023 - £32,826k) was due from Group companies to Health Care Resourcing Group Limited, and is disclosed within other creditors. During the year, the Group made sales of £263k (2023 - £561k), purchases of £1,894k (2023 - £1,139k) and paid interest of £2,290k (2023 - £630k) to/from the Health Care Resourcing Group of companies.

32
Controlling party

In the opinion of the directors, the Group is ultimately controlled by its directors, Mr I J Munro and Mr T N Ramus, by way of their equal shareholdings.

TWENTY20 CAPITAL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 47 -
33
Cash generated from group operations
2024
2023
£ 000
£ 000
Profit after taxation
7,293
12,715
Adjustments for:
Share of results of associates and joint ventures
-
(23)
Taxation (credited)/charged
(5,904)
3,777
Finance costs
10,429
1,887
Investment income
(776)
(327)
(Gain)/loss on disposal of tangible fixed assets
(224)
77
Loss on disposal of intangible assets
15
-
Amortisation and impairment of intangible assets
19,340
3,680
Depreciation and impairment of tangible fixed assets
3,864
1,867
Loss on sale of investments
286
-
Decrease in provisions
(2,547)
(1,641)
Movements in working capital:
Increase in stocks
(94)
(119)
Decrease/(increase) in debtors
33,220
(7,822)
(Decrease)/increase in creditors
(32,549)
49,366
Cash generated from operations
32,353
63,437
34
Analysis of changes in net debt - Group
1 April 2023
Cash flows
Acquired on acquisition
Exchange rate movements
31 March 2024
£ 000
£ 000
£ 000
£ 000
£ 000
Cash at bank and in hand
19,381
(10,568)
5,518
189
14,520
Borrowings excluding overdrafts
(110,696)
(27,751)
(3,767)
-
(142,214)
Obligations under finance leases
-
(18)
-
-
(18)
(91,315)
(38,337)
1,751
189
(127,712)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.300Mr TN RamusMr T N RamusMr IJ Munrofalse12576810bus:Consolidated2023-04-012024-03-31125768102023-04-012024-03-3112576810bus:CompanySecretaryDirector12023-04-012024-03-3112576810bus:Director12023-04-012024-03-3112576810bus:CompanySecretary12023-04-012024-03-3112576810bus:Director22023-04-012024-03-3112576810bus:RegisteredOffice2023-04-012024-03-3112576810bus:Agent12023-04-012024-03-31125768102024-03-3112576810bus:Consolidated2024-03-3112576810bus:Consolidated2022-04-012023-03-3112576810core:Exceptionalbus:Consolidated12023-04-012024-03-3112576810core:Exceptionalbus:Consolidated12022-04-012023-03-31125768102022-04-012023-03-3112576810core:Goodwillbus:Consolidated2024-03-3112576810core:Goodwillbus:Consolidated2023-03-3112576810core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-3112576810core:OtherResidualIntangibleAssetsbus:Consolidated2023-03-3112576810core:NegativeGoodwillbus:Consolidated2024-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-03-3112576810core:NegativeGoodwillbus:Consolidated2023-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3112576810bus:Consolidated2023-03-3112576810core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3112576810core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3112576810core:PlantMachinerybus:Consolidated2024-03-3112576810core:FurnitureFittingsbus:Consolidated2024-03-3112576810core:ComputerEquipmentbus:Consolidated2024-03-3112576810core:MotorVehiclesbus:Consolidated2024-03-3112576810core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3112576810core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3112576810core:PlantMachinerybus:Consolidated2023-03-3112576810core:FurnitureFittingsbus:Consolidated2023-03-3112576810core:ComputerEquipmentbus:Consolidated2023-03-3112576810core:MotorVehiclesbus:Consolidated2023-03-31125768102023-03-3112576810core:ShareCapitalbus:Consolidated2024-03-3112576810core:ShareCapitalbus:Consolidated2023-03-3112576810core:OtherMiscellaneousReservebus:Consolidated2024-03-3112576810core:OtherMiscellaneousReservebus:Consolidated2023-03-3112576810core:ShareCapital2024-03-3112576810core:ShareCapital2023-03-3112576810core:RetainedEarningsAccumulatedLosses2024-03-3112576810core:ShareCapitalbus:Consolidated2022-03-3112576810core:ForeignCurrencyTranslationReservebus:Consolidated2022-03-31125768102022-03-3112576810core:ForeignCurrencyTranslationReservebus:Consolidated2023-03-3112576810core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3112576810core:Non-controllingInterestsbus:Consolidated2023-03-3112576810core:ForeignCurrencyTranslationReservebus:Consolidated2024-03-3112576810core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3112576810core:Non-controllingInterestsbus:Consolidated2024-03-3112576810core:ShareCapital2022-03-3112576810core:RetainedEarningsAccumulatedLosses2022-03-3112576810core:RetainedEarningsAccumulatedLosses2023-03-3112576810bus:Consolidated2022-03-3112576810core:Goodwill2023-04-012024-03-3112576810core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3112576810core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3112576810core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3112576810core:PlantMachinery2023-04-012024-03-3112576810core:FurnitureFittings2023-04-012024-03-3112576810core:ComputerEquipment2023-04-012024-03-3112576810core:MotorVehicles2023-04-012024-03-3112576810core:UKTaxbus:Consolidated2023-04-012024-03-3112576810core:UKTaxbus:Consolidated2022-04-012023-03-3112576810bus:Consolidated12023-04-012024-03-3112576810bus:Consolidated12022-04-012023-03-3112576810bus:Consolidated22023-04-012024-03-3112576810bus:Consolidated22022-04-012023-03-3112576810bus:Consolidated32023-04-012024-03-3112576810bus:Consolidated32022-04-012023-03-3112576810bus:Consolidated42023-04-012024-03-3112576810bus:Consolidated42022-04-012023-03-3112576810core:Goodwillbus:Consolidated2023-03-3112576810core:NegativeGoodwillbus:Consolidated2023-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3112576810bus:Consolidated2023-03-3112576810core:Goodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:NegativeGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:NegativeGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112576810core:Goodwillbus:Consolidated2023-04-012024-03-3112576810core:NegativeGoodwillbus:Consolidated2023-04-012024-03-3112576810core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-04-012024-03-3112576810core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3112576810core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3112576810core:PlantMachinerybus:Consolidated2023-03-3112576810core:FurnitureFittingsbus:Consolidated2023-03-3112576810core:ComputerEquipmentbus:Consolidated2023-03-3112576810core:MotorVehiclesbus:Consolidated2023-03-3112576810core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3112576810core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3112576810core:PlantMachinerybus:Consolidated2023-04-012024-03-3112576810core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3112576810core:ComputerEquipmentbus:Consolidated2023-04-012024-03-3112576810core:MotorVehiclesbus:Consolidated2023-04-012024-03-3112576810core:UnlistedNon-exchangeTradedbus:Consolidated2024-03-3112576810core:UnlistedNon-exchangeTradedbus:Consolidated2023-03-3112576810core:UnlistedNon-exchangeTraded2024-03-3112576810core:UnlistedNon-exchangeTraded2023-03-3112576810core:Subsidiary12023-04-012024-03-3112576810core:Subsidiary22023-04-012024-03-3112576810core:Subsidiary32023-04-012024-03-3112576810core:Subsidiary42023-04-012024-03-3112576810core:Subsidiary52023-04-012024-03-3112576810core:Subsidiary62023-04-012024-03-3112576810core:Subsidiary72023-04-012024-03-3112576810core:Subsidiary82023-04-012024-03-3112576810core:Subsidiary92023-04-012024-03-3112576810core:Subsidiary102023-04-012024-03-3112576810core:Subsidiary112023-04-012024-03-3112576810core:Subsidiary122023-04-012024-03-3112576810core:Subsidiary132023-04-012024-03-3112576810core:Subsidiary142023-04-012024-03-3112576810core:Subsidiary152023-04-012024-03-3112576810core:Subsidiary162023-04-012024-03-3112576810core:Subsidiary172023-04-012024-03-3112576810core:Subsidiary182023-04-012024-03-3112576810core:Subsidiary192023-04-012024-03-3112576810core:Subsidiary202023-04-012024-03-3112576810core:Subsidiary212023-04-012024-03-3112576810core:Subsidiary222023-04-012024-03-3112576810core:Subsidiary232023-04-012024-03-3112576810core:Subsidiary242023-04-012024-03-3112576810core:Subsidiary252023-04-012024-03-3112576810core:Subsidiary262023-04-012024-03-3112576810core:Subsidiary272023-04-012024-03-3112576810core:Subsidiary282023-04-012024-03-3112576810core:Subsidiary292023-04-012024-03-3112576810core:Subsidiary302023-04-012024-03-3112576810core:Subsidiary312023-04-012024-03-3112576810core:Subsidiary322023-04-012024-03-3112576810core:Subsidiary332023-04-012024-03-3112576810core:Subsidiary342023-04-012024-03-3112576810core:Subsidiary352023-04-012024-03-3112576810core:Subsidiary362023-04-012024-03-3112576810core:Subsidiary372023-04-012024-03-3112576810core:Subsidiary382023-04-012024-03-3112576810core:Subsidiary392023-04-012024-03-3112576810core:Subsidiary402023-04-012024-03-3112576810core:Subsidiary412023-04-012024-03-3112576810core:Subsidiary422023-04-012024-03-3112576810core:Subsidiary432023-04-012024-03-3112576810core:Subsidiary442023-04-012024-03-3112576810core:Subsidiary452023-04-012024-03-3112576810core:Subsidiary462023-04-012024-03-3112576810core:Subsidiary472023-04-012024-03-3112576810core:Subsidiary482023-04-012024-03-3112576810core:Subsidiary492023-04-012024-03-3112576810core:Subsidiary502023-04-012024-03-3112576810core:Subsidiary512023-04-012024-03-3112576810core:Subsidiary522023-04-012024-03-3112576810core:Subsidiary532023-04-012024-03-3112576810core:Subsidiary542023-04-012024-03-3112576810core:Subsidiary552023-04-012024-03-3112576810core:Subsidiary562023-04-012024-03-3112576810core:Subsidiary572023-04-012024-03-3112576810core:Subsidiary582023-04-012024-03-3112576810core:Subsidiary592023-04-012024-03-3112576810core:Subsidiary602023-04-012024-03-3112576810core:Subsidiary612023-04-012024-03-3112576810core:Subsidiary622023-04-012024-03-3112576810core:Subsidiary632023-04-012024-03-3112576810core:Subsidiary642023-04-012024-03-3112576810core:Subsidiary652023-04-012024-03-3112576810core:Subsidiary662023-04-012024-03-3112576810core:Subsidiary672023-04-012024-03-3112576810core:Subsidiary682023-04-012024-03-3112576810core:Subsidiary692023-04-012024-03-3112576810core:Subsidiary702023-04-012024-03-3112576810core:Subsidiary712023-04-012024-03-3112576810core:Subsidiary722023-04-012024-03-3112576810core:Subsidiary732023-04-012024-03-3112576810core:Subsidiary742023-04-012024-03-3112576810core:Subsidiary752023-04-012024-03-3112576810core:Subsidiary762023-04-012024-03-3112576810core:Subsidiary772023-04-012024-03-3112576810core:Subsidiary782023-04-012024-03-3112576810core:Subsidiary792023-04-012024-03-3112576810core:Subsidiary802023-04-012024-03-3112576810core:Subsidiary812023-04-012024-03-3112576810core:Subsidiary822023-04-012024-03-3112576810core:Subsidiary832023-04-012024-03-3112576810core:Subsidiary842023-04-012024-03-3112576810core:Subsidiary852023-04-012024-03-3112576810core:Subsidiary862023-04-012024-03-3112576810core:Subsidiary872023-04-012024-03-3112576810core:Subsidiary882023-04-012024-03-3112576810core:Subsidiary892023-04-012024-03-3112576810core:Subsidiary902023-04-012024-03-3112576810core:Subsidiary912023-04-012024-03-3112576810core:Subsidiary922023-04-012024-03-3112576810core:Subsidiary932023-04-012024-03-3112576810core:Subsidiary942023-04-012024-03-3112576810core:Subsidiary952023-04-012024-03-3112576810core:Subsidiary962023-04-012024-03-3112576810core:Subsidiary972023-04-012024-03-3112576810core:Subsidiary982023-04-012024-03-3112576810core:Subsidiary992023-04-012024-03-3112576810core:Subsidiary1002023-04-012024-03-3112576810core:Subsidiary1012023-04-012024-03-3112576810core:Subsidiary1022023-04-012024-03-3112576810core:Subsidiary1032023-04-012024-03-3112576810core:Subsidiary1042023-04-012024-03-3112576810core:Subsidiary1052023-04-012024-03-3112576810core:Subsidiary1062023-04-012024-03-3112576810core:Subsidiary1072023-04-012024-03-3112576810core:Subsidiary1082023-04-012024-03-3112576810core:Subsidiary1092023-04-012024-03-3112576810core:Subsidiary1102023-04-012024-03-3112576810core:Subsidiary1112023-04-012024-03-3112576810core:Subsidiary1122023-04-012024-03-3112576810core:Subsidiary1132023-04-012024-03-3112576810core:Subsidiary1142023-04-012024-03-3112576810core:Subsidiary1152023-04-012024-03-3112576810core:Subsidiary1162023-04-012024-03-3112576810core:Subsidiary1172023-04-012024-03-3112576810core:Subsidiary1182023-04-012024-03-3112576810core:Subsidiary1192023-04-012024-03-311257681012023-04-012024-03-311257681022023-04-012024-03-311257681032023-04-012024-03-311257681042023-04-012024-03-311257681052023-04-012024-03-311257681062023-04-012024-03-311257681072023-04-012024-03-311257681082023-04-012024-03-311257681092023-04-012024-03-3112576810102023-04-012024-03-3112576810112023-04-012024-03-3112576810122023-04-012024-03-3112576810132023-04-012024-03-3112576810142023-04-012024-03-3112576810152023-04-012024-03-3112576810162023-04-012024-03-3112576810172023-04-012024-03-3112576810182023-04-012024-03-3112576810192023-04-012024-03-3112576810202023-04-012024-03-3112576810212023-04-012024-03-3112576810222023-04-012024-03-3112576810232023-04-012024-03-3112576810242023-04-012024-03-3112576810252023-04-012024-03-3112576810262023-04-012024-03-3112576810272023-04-012024-03-3112576810282023-04-012024-03-3112576810292023-04-012024-03-3112576810302023-04-012024-03-3112576810312023-04-012024-03-3112576810322023-04-012024-03-3112576810332023-04-012024-03-3112576810342023-04-012024-03-3112576810352023-04-012024-03-3112576810362023-04-012024-03-3112576810372023-04-012024-03-3112576810382023-04-012024-03-3112576810392023-04-012024-03-3112576810402023-04-012024-03-3112576810412023-04-012024-03-3112576810422023-04-012024-03-3112576810432023-04-012024-03-3112576810442023-04-012024-03-3112576810452023-04-012024-03-3112576810462023-04-012024-03-3112576810482023-04-012024-03-3112576810492023-04-012024-03-3112576810502023-04-012024-03-3112576810512023-04-012024-03-3112576810522023-04-012024-03-3112576810532023-04-012024-03-3112576810542023-04-012024-03-3112576810552023-04-012024-03-3112576810562023-04-012024-03-3112576810572023-04-012024-03-3112576810582023-04-012024-03-3112576810592023-04-012024-03-3112576810602023-04-012024-03-3112576810612023-04-012024-03-3112576810622023-04-012024-03-3112576810632023-04-012024-03-3112576810642023-04-012024-03-3112576810652023-04-012024-03-3112576810662023-04-012024-03-3112576810672023-04-012024-03-3112576810682023-04-012024-03-3112576810692023-04-012024-03-3112576810702023-04-012024-03-3112576810712023-04-012024-03-3112576810722023-04-012024-03-3112576810732023-04-012024-03-3112576810742023-04-012024-03-3112576810752023-04-012024-03-3112576810762023-04-012024-03-3112576810772023-04-012024-03-3112576810782023-04-012024-03-3112576810792023-04-012024-03-3112576810802023-04-012024-03-3112576810812023-04-012024-03-3112576810822023-04-012024-03-3112576810832023-04-012024-03-3112576810842023-04-012024-03-3112576810852023-04-012024-03-3112576810862023-04-012024-03-3112576810872023-04-012024-03-3112576810882023-04-012024-03-3112576810892023-04-012024-03-3112576810902023-04-012024-03-3112576810912023-04-012024-03-3112576810922023-04-012024-03-3112576810932023-04-012024-03-3112576810942023-04-012024-03-3112576810952023-04-012024-03-3112576810962023-04-012024-03-3112576810972023-04-012024-03-3112576810982023-04-012024-03-3112576810992023-04-012024-03-31125768101002023-04-012024-03-31125768101012023-04-012024-03-31125768101022023-04-012024-03-31125768101032023-04-012024-03-31125768101042023-04-012024-03-31125768101052023-04-012024-03-31125768101062023-04-012024-03-31125768101072023-04-012024-03-31125768101082023-04-012024-03-31125768101092023-04-012024-03-31125768101102023-04-012024-03-31125768101112023-04-012024-03-31125768101122023-04-012024-03-31125768101132023-04-012024-03-31125768101142023-04-012024-03-31125768101152023-04-012024-03-31125768101162023-04-012024-03-31125768101172023-04-012024-03-31125768101182023-04-012024-03-31125768101192023-04-012024-03-31125768101202023-04-012024-03-3112576810472023-04-012024-03-3112576810core:CurrentFinancialInstruments2024-03-3112576810core:CurrentFinancialInstruments2023-03-3112576810core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3112576810core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3112576810core:WithinOneYearbus:Consolidated2024-03-3112576810core:WithinOneYearbus:Consolidated2023-03-3112576810core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3112576810core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3112576810core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3112576810core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3112576810core:Non-currentFinancialInstruments2024-03-3112576810core:Non-currentFinancialInstruments2023-03-3112576810core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3112576810core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYear22024-03-3112576810core:Non-currentFinancialInstrumentscore:AfterOneYear22023-03-3112576810core:WithinOneYear2024-03-3112576810core:WithinOneYear2023-03-3112576810bus:PrivateLimitedCompanyLtd2023-04-012024-03-3112576810bus:FRS1022023-04-012024-03-3112576810bus:Audited2023-04-012024-03-3112576810bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3112576810bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP