Company Registration No. 02185529 (England and Wales)
DAVID LINLEY HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
DAVID LINLEY HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Group balance sheet
2 - 3
Company balance sheet
4
Notes to the financial statements
5 - 17
DAVID LINLEY HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M Razak
Mr K S Blumenthal
Mr R S Southwell
Mr D C M Huat
Secretary
Private Company Registrars Limited
Company number
02185529
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
DAVID LINLEY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Total intangible assets
4
266,772
293,439
Tangible assets
7
3,590,807
3,718,615
3,857,579
4,012,054
Current assets
Stocks
1,678,560
2,245,498
Debtors
8
2,646,097
3,377,436
Cash at bank and in hand
277,634
168,325
4,602,291
5,791,259
Creditors: amounts falling due within one year
9
(10,596,295)
(10,729,721)
Net current liabilities
(5,994,004)
(4,938,462)
Total assets less current liabilities
(2,136,425)
(926,408)
Provisions for liabilities
(123,017)
(137,368)
Net liabilities
(2,259,442)
(1,063,776)
Capital and reserves
Called up share capital
437,124
437,124
Share premium account
11
5,209,776
5,209,776
Fair value reserve
12
1,855,733
1,855,733
Profit and loss reserves
13
(9,762,075)
(8,566,409)
Total equity
(2,259,442)
(1,063,776)

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

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

Directors' responsibilities under the Companies Act 2006:

 

DAVID LINLEY HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -

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

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr K S Blumenthal
Director
The notes on pages 5 to 17 form part of these financial statements
DAVID LINLEY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
599,999
599,999
Current assets
Debtors
8
402,076
402,076
Creditors: amounts falling due within one year
9
(4,424,112)
(4,093,918)
Net current liabilities
(4,022,036)
(3,691,842)
Total assets less current liabilities
(3,422,037)
(3,091,843)
Capital and reserves
Called up share capital
437,124
437,124
Share premium account
11
5,209,776
5,209,776
Profit and loss reserves
13
(9,068,937)
(8,738,743)
Total equity
(3,422,037)
(3,091,843)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £330,194 (2023 - £829,517 loss).

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr K S Blumenthal
Director
Company Registration No. 02185529
The notes on pages 5 to 17 form part of these financial statements
DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information

David Linley Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.

 

The group consists of David Linley Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of long leasehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

1.2
Basis of consolidation

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

The consolidated financial statements incorporate those of David Linley Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

 

The financial statements of David Linley & Co Limited, a wholly owned subsidiary, have been prepared to 30 June 2024 to align with the retail calendar. This reporting date differs to that of David Linley Holdings Limited.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have considered the group's financial position and future prospects and expect that the group will continue in operational existence for the foreseeable future.

 

In forming their opinion, the board have had regard for the profit and loss, cash flow and balance sheet in conjunction with prospect assessment, leading indicators, projections, indebtedness, receivables, macroeconomic factors, key strategic imperatives and shareholder support.

 

Enduring geopolitical instability coupled with a more onerous non-domicile tax environment have characterised a landscape that is still recovering from the varied ills of the pandemic, Brexit, abolition of VAT free shopping inter alia – not overly conducive to trade and rather hostile to the LINLEY demographic.

 

Fortunately there are cohorts who are either unwilling to delay gratification and/or are spending again after exercising restraint. The affluence of our foreign customers in particular have helped to offset the domestic conditions, most notably within our fitted channel but also to an extent in retail. Where our products represent investment in the home and are enduring in nature, enthusiasm is more palpable. Gifting with purpose (personal and corporate led) is also back on the agenda and supporting the retail and bespoke channels. As has always been the case, exquisite and functional product allied to intrinsically valuable services remain abiding principles and key to prevailing whatever the headwinds.

 

Cost pressure throughout the supply chain has been egregious and overhead inflation has been equally caustic within personnel, IT and in particular within property where lease renewals have led to a recalibration of the status quo. Value for money is vigorously sought even in the luxury domain and counter-accommodations to mitigate against these cost pressures are an ongoing campaign.

 

The group has now fulfilled its long standing bank debt repayment obligations. Debt servicing funds have since been redirected to pare down non-bank debt and fortify the balance sheet.

 

As always, the board remains mindful of the ongoing support of shareholders in the event that conditions necessitate further support or reliance.

 

Having regard for all the forgoing, the directors consider that the group will have sufficient cash to meet its debts as they fall due for the foreseeable future.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Turnover

Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of Value Added Tax.

 

Other income, including investment income, is recognised on an accruals basis.

 

Retail Sales

Turnover and cost of sales from the retail part of the business are recognised at the later of the point of sale or delivery.

 

Bespoke Projects

The business offers a bespoke service in which furniture, upholstery, fitted cabinetry and kitchens are individually designed to meet a customer's own requirements.

 

For bespoke projects, revenue and associated costs of sales are recognised at key milestones. Prior to this, deferred income (payments on account, deposits etc) and associated work-in-progress are held on the balance sheet.

 

Interior Design

The business is contracted by customers to undertake interior design of private and commercial properties on projects ranging from single rooms to entire residences.

 

For interior design work, revenue and associated costs of sales are recognised at key milestones. Prior to this, deferred income (payments on account, deposits etc) and associated work-in-progress are held on the balance sheet.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Its useful life was considered to be 5 years on initial recognition however this has been revised and split as follows; 15 years for cost of investment and 4 years for associated acquisition costs. This represents a change in accounting estimate and shall be applied prospectively. The impact of this change on profit and loss in the current year has not been disclosed on the basis of materiality.

 

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.

1.6
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.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -

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:

Long Leasehold
Not depreciated - see below
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on cost

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

The directors review other tangible fixed assets for impairment on an annual basis.

1.7
Fixed asset investments

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

 

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

1.8
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

1.9
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.

1.10
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.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
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.

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.

1.11
Taxation

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

Current tax

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

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
Deferred tax

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

 

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

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

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

1.15
Foreign exchange

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

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
36
44
-
0
-
0
3
Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
4
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
461,035
Amortisation and impairment
At 1 July 2023
167,596
Amortisation charged for the year
26,667
At 30 June 2024
194,263
Carrying amount
At 30 June 2024
266,772
At 30 June 2023
293,439
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
5
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
599,999
599,999
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
599,999
Carrying amount
At 30 June 2024
599,999
At 30 June 2023
599,999
DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
6
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
David Linley & Co Limited
England and Wales
Design and manufacture of exclusive furniture and specialised design
Ordinary
100.00
-
David Linley Furniture Limited
England and Wales
Dormant
Ordinary
100.00
-
Keech Green Limited
England and Wales
Dormant
Ordinary
-
100.00

The registered office address for each of the subsidiaries above is The Courtyard, Shoreham Road, Upper Beeding, Steyning, England, BN44 3TN

7
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
4,000,000
2,766,871
6,766,871
Additions
-
0
12,188
12,188
Disposals
-
0
(69,642)
(69,642)
At 30 June 2024
4,000,000
2,709,417
6,709,417
Depreciation and impairment
At 1 July 2023
850,000
2,198,256
3,048,256
Depreciation charged in the year
-
0
125,125
125,125
Eliminated in respect of disposals
-
0
(54,771)
(54,771)
At 30 June 2024
850,000
2,268,610
3,118,610
Carrying amount
At 30 June 2024
3,150,000
440,807
3,590,807
At 30 June 2023
3,150,000
568,615
3,718,615
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Tangible fixed assets
(Continued)
- 14 -

The long leasehold property was valued on a market value basis on 31 August 2020 by Cushman & Wakefield at £3,150,000 and revalued in the 30 June 2020 financial statements.

 

The valuation was carried out in accordance with the Practice Statements of the Royal Institution of

Chartered Surveyors' (RICS) Appraisal and Valuation Standards.

 

The directors are of the opinion that the valuation remains relevant at 30 June 2024.

8
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
94,604
124,011
-
0
-
0
Other debtors
2,551,493
3,253,425
402,076
402,076
2,646,097
3,377,436
402,076
402,076
9
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,430,000
1,850,000
-
0
-
0
Trade creditors
1,033,234
1,193,283
-
0
-
0
Taxation and social security
887,210
870,204
-
0
-
0
Other creditors
7,245,851
6,816,234
4,424,112
4,093,918
10,596,295
10,729,721
4,424,112
4,093,918
DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
10
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,430,000
1,850,000
-
0
-
0
Other loans
4,424,112
4,093,918
4,424,112
4,093,918
5,854,112
5,943,918
4,424,112
4,093,918
Payable within one year
5,854,112
5,943,918
4,424,112
4,093,918

The bank loan is secured by a fixed charge over property at 56/60 Pimlico Road, London in favour of CIMB Bank. A floating charge is also held over all assets of the company and undertakings both present and future.

Other loans repayable within one year attract interest of 8.0% (2023 - 8.0%).

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
11
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At beginning and end of year
5,209,776
5,209,776
5,209,776
5,209,776

The share premium reserve is a non-distributable reserve.

12
Fair value reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At beginning and end of year
1,855,733
1,855,733
-
0
-

The fair value reserve represents the surplus created when Group assets are revalued. The transfer from the retained earnings reserve to the fair value reserve is in respect of deferred tax movement on leasehold property.

13
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(8,566,409)
(7,932,323)
(8,738,743)
(7,909,226)
Loss for the year
(1,195,666)
(634,086)
(330,194)
(829,517)
At the end of the year
(9,762,075)
(8,566,409)
(9,068,937)
(8,738,743)

Retained earnings are earnings retained by the Group to be reinvested in its core business, or to pay debt.

DAVID LINLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
14
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
3,951,000
4,159,000
-
-
15
Ultimate parent company and controlling party

Overture Investments Limited (registered in Guernsey, number 53242) is the ultimate controlling party by virtue of the fact it owns 76% of the issued share capital of the company.

M Razak, who has a controlling interest in Overture Investments Limited, is regarded by the directors as the ultimate controlling party.

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