Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
TANAN TECH LIMITED
COMPANY INFORMATION
Directors
Mr N Tandon
Mr G King
Mr V Tandon
Company number
09533894
Registered office
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Auditor
Bache Brown & Co Limited
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Business address
2nd Floor, 84 Salop Street
Wolverhampton
West Midlands
WV3 0SR
TANAN TECH LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 30
TANAN TECH LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the period ended 30 June 2023.

Review of the business

The group's turnover has increased by £10,998,412 with profit before tax increasing by £4,453,352. The retained profit after taxation and dividends has increased by £3,103,096

 

Gross profit margins have increased by 20.3% to 47.9%. Margins remain in line with business expectations.

Principal risks and uncertainties

The main risk and uncertainty affecting the group is with regard to the timeframes of which customers are able to make claims in. This results in a potential loss of turnover once the claim period ends.

Development and performance

The shareholders funds at the balance sheet amounted to £3,217,122. The group has targeted continued growth in turnover and market share for the remainder of the 23/24 financial year.

On behalf of the board

Mr V Tandon
Director
8 April 2025
TANAN TECH LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -

The directors present their annual report and financial statements for the period ended 30 June 2023.

Principal activities

The principal activity of the company and group continued to be that of the administration of Plevin and R40 tax claims.

Results and dividends

The results for the period are set out on page 7.

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr N Tandon
Mr G King
Mr V Tandon
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

TANAN TECH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
On behalf of the board
Mr V Tandon
Director
8 April 2025
TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TANAN TECH LIMITED
- 4 -
Opinion

We have audited the financial statements of Tanan Tech Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2023 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, the company 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:

TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TANAN TECH LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Approach to assessing the risks of misstatement due to irregularities, including fraud

We assess the risk of material misstatement in respect of fraud by meeting with management to understand where it considered there was susceptibility to fraud.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant reporting frameworks which are likely to affect the company include FRS102, the Companies Act 2006 and the relevant tax laws. In addition we determined that there were no significant laws and regulations which have a direct effect on the amounts and disclosures in the financial statements.

Audit response to risks identified

We considered the risk of fraud through management override on controls. We also considered how management bias may impact upon performance targets.

In response we performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of any significant transactions outside the normal course of business, reviewing accounting estimates for management bias.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries with management around actual and potential claims. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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.

TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TANAN TECH LIMITED
- 6 -
Ian Richard Baker (Senior Statutory Auditor)
For and on behalf of Bache Brown & Co Limited
8 April 2025
Chartered Certified Accouuntants
Statutory Auditor
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
TANAN TECH LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
Period
Year
ended
ended
30 June
30 April
2023
2022
Notes
£
£
Turnover
3
22,447,116
11,448,704
Cost of sales
(11,702,521)
(8,283,622)
Gross profit
10,744,595
3,165,082
Administrative expenses
(5,851,363)
(3,632,632)
Other operating income
177,596
105,925
Operating profit/(loss)
4
5,070,828
(361,625)
Interest receivable and similar income
7
57,851
10,773
Interest payable and similar expenses
8
(4,968)
(4,358)
Amounts written off investments
9
(1,025,569)
-
Profit/(loss) before taxation
4,098,142
(355,210)
Tax on profit/(loss)
10
(745,046)
69,418
Profit/(loss) for the financial period
3,353,096
(285,792)
Profit/(loss) for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
TANAN TECH LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 8 -
30 June 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
139,884
160,940
Tangible assets
13
90,255
91,274
230,139
252,214
Current assets
Debtors
17
7,321,033
4,587,760
Investments
18
100,000
100,000
Cash at bank and in hand
3,317,326
2,031,935
10,738,359
6,719,695
Creditors: amounts falling due within one year
19
(7,711,519)
(6,825,135)
Net current assets/(liabilities)
3,026,840
(105,440)
Total assets less current liabilities
3,256,979
146,774
Creditors: amounts falling due after more than one year
20
(19,167)
(30,833)
Provisions for liabilities
Deferred tax liability
22
20,690
1,915
(20,690)
(1,915)
Net assets
3,217,122
114,026
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
3,217,022
113,926
Total equity
3,217,122
114,026

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
Mr V Tandon
Director
Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 9 -
30 June 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
18,351
17,814
Investments
14
295,470
295,470
313,821
313,284
Current assets
Debtors
17
358,156
1,170,225
Investments
18
100,000
100,000
Cash at bank and in hand
55,235
28,330
513,391
1,298,555
Creditors: amounts falling due within one year
19
(822,968)
(939,402)
Net current (liabilities)/assets
(309,577)
359,153
Total assets less current liabilities
4,244
672,437
Provisions for liabilities
Deferred tax liability
22
2,714
-
0
(2,714)
-
Net assets
1,530
672,437
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
1,430
672,337
Total equity
1,530
672,437

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 £420,907 (2022 - £275,436 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
Mr V Tandon
Director
Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
100
819,718
819,818
Year ended 30 April 2022:
Loss and total comprehensive income
-
(285,792)
(285,792)
Dividends
11
-
(420,000)
(420,000)
Balance at 30 April 2022
100
113,926
114,026
Period ended 30 June 2023:
Profit and total comprehensive income
-
3,353,096
3,353,096
Dividends
11
-
(250,000)
(250,000)
Balance at 30 June 2023
100
3,217,022
3,217,122
TANAN TECH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
100
816,901
817,001
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
275,436
275,436
Dividends
11
-
(420,000)
(420,000)
Balance at 30 April 2022
100
672,337
672,437
Period ended 30 June 2023:
Profit and total comprehensive income
-
(420,907)
(420,907)
Dividends
11
-
(250,000)
(250,000)
Balance at 30 June 2023
100
1,430
1,530
TANAN TECH LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,241,715
2,706,269
Interest paid
(4,968)
(4,358)
Income taxes refunded/(paid)
34,643
(60,289)
Net cash inflow from operating activities
2,271,390
2,641,622
Investing activities
Purchase of tangible fixed assets
(48,393)
(81,596)
Purchase of investments
-
(100,000)
Loans made to other entities
(732,496)
(24,500)
Interest received
57,851
10,773
Net cash used in investing activities
(723,038)
(195,323)
Financing activities
Repayment of bank loans
(11,666)
(9,167)
Payment of finance leases obligations
(1,295)
(2,013)
Dividends paid to equity shareholders
(250,000)
(420,000)
Net cash used in financing activities
(262,961)
(431,180)
Net increase in cash and cash equivalents
1,285,391
2,015,119
Cash and cash equivalents at beginning of period
2,031,935
16,816
Cash and cash equivalents at end of period
3,317,326
2,031,935
TANAN TECH LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
292,734
566,210
Interest paid
(4,211)
(3,780)
Income taxes refunded/(paid)
36,239
(36,149)
Net cash inflow from operating activities
324,762
526,281
Investing activities
Purchase of tangible fixed assets
(17,766)
(1,604)
Purchase of subsidiaries
-
0
(1,470)
Purchase of investments
-
0
(100,000)
Loans made
(37,046)
-
0
Interest received
8,250
10,773
Net cash used in investing activities
(46,562)
(92,301)
Financing activities
Payment of finance leases obligations
(1,295)
(2,013)
Dividends paid to equity shareholders
(250,000)
(420,000)
Net cash used in financing activities
(251,295)
(422,013)
Net increase in cash and cash equivalents
26,905
11,967
Cash and cash equivalents at beginning of period
28,330
16,363
Cash and cash equivalents at end of period
55,235
28,330
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 14 -
1
Accounting policies
Company information

Tanan Tech Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Swinford House, Albion Street, Brierley Hill, West Midlands, DY5 3EE.

 

The group consists of Tanan Tech Limited and all of its subsidiaries.

1.1
Reporting period

The company extended its year end meaning the reporting period is for a fourteen month period.

1.2
Accounting convention

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

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

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

1.3
Business combinations

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

 

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.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tanan Tech 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 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -

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.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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
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.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -

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:

Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33.33% reducing balance / 20% - 33.33% straight line

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

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

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.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -

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

 

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

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

1.11
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.

1.12
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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

Debt instruments 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.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.15
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.

1.16
Retirement benefits

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

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
1.17
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 profit or loss 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 profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
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.

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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of services
22,447,116
11,448,704
2023
2022
£
£
Other revenue
Interest income
57,851
10,773
Grants received
33,777
2,482
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 21 -
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the period is stated after charging/(crediting):
Government grants
(33,777)
(2,482)
Fees payable to the group's auditor for the audit of the group's financial statements
6,000
-
Depreciation of owned tangible fixed assets
49,412
37,122
Amortisation of intangible assets
21,056
18,048
Operating lease charges
271,310
149,029
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Admin
71
74
14
12
Management
7
7
-
-
Sales & Marketing
3
3
-
-
Total
81
84
14
12

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,428,839
1,612,353
535,132
313,041
Social security costs
232,722
138,712
59,235
25,226
Pension costs
48,418
28,764
8,537
5,594
2,709,979
1,779,829
602,904
343,861
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
97,183
81,978
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 22 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
49,601
-
0
Other interest income
8,250
10,773
Total income
57,851
10,773
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
49,601
-
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,723
3,977
Other finance costs:
Interest on finance leases and hire purchase contracts
245
381
Total finance costs
4,968
4,358
9
Amounts written off investments
2023
2022
£
£
Amounts written off current loans
(400,000)
-
Other gains and losses
(625,569)
-
(1,025,569)
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
716,032
2,105
Adjustments in respect of prior periods
-
0
(55,492)
Total current tax
716,032
(53,387)
Deferred tax
Origination and reversal of timing differences
29,014
(16,031)
Total tax charge/(credit)
745,046
(69,418)
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
10
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
Profit/(loss) before taxation
4,098,142
(355,210)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 20.48% (2022: 19.00%)
839,299
(67,490)
Tax effect of expenses that are not deductible in determining taxable profit
(61,430)
2,276
Tax effect of utilisation of tax losses not previously recognised
(29,620)
(26,701)
Adjustments in respect of prior years
-
0
128,613
Permanent capital allowances in excess of depreciation
17,183
(11,568)
Research and development tax credit
(20,386)
(94,548)
Taxation charge/(credit)
745,046
(69,418)
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
250,000
420,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2022 and 30 June 2023
180,480
Amortisation and impairment
At 1 May 2022
19,540
Amortisation charged for the period
21,056
At 30 June 2023
40,596
Carrying amount
At 30 June 2023
139,884
At 30 April 2022
160,940
The company had no intangible fixed assets at 30 June 2023 or 30 April 2022.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 24 -
13
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2022
26,919
432,632
459,551
Additions
8,250
40,143
48,393
At 30 June 2023
35,169
472,775
507,944
Depreciation and impairment
At 1 May 2022
18,925
349,352
368,277
Depreciation charged in the period
1,993
47,419
49,412
At 30 June 2023
20,918
396,771
417,689
Carrying amount
At 30 June 2023
14,251
76,004
90,255
At 30 April 2022
7,994
83,280
91,274
Company
Computer equipment
£
Cost
At 1 May 2022
349,843
Additions
17,766
At 30 June 2023
367,609
Depreciation and impairment
At 1 May 2022
332,029
Depreciation charged in the period
17,229
At 30 June 2023
349,258
Carrying amount
At 30 June 2023
18,351
At 30 April 2022
17,814
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
295,470
295,470
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
14
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 and 30 June 2023
295,470
Carrying amount
At 30 June 2023
295,470
At 30 April 2022
295,470
15
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Victor Hydon Limited
Swinford House, Albion Street, Brierley Hill, West Midlands, England DY5 3EE
Ordinary
100.00
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
100,000
100,000
100,000
100,000
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
186,666
115,231
7,077
6,993
Corporation tax recoverable
-
0
35,899
-
0
35,899
Other debtors
6,945,745
4,055,214
247,311
1,097,885
Prepayments and accrued income
188,622
372,773
103,768
20,805
7,321,033
4,579,117
358,156
1,161,582
Deferred tax asset (note 22)
-
0
8,643
-
0
8,643
7,321,033
4,587,760
358,156
1,170,225
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 26 -
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
100,000
100,000
100,000
100,000
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
10,000
10,000
-
0
-
0
Obligations under finance leases
-
0
1,295
-
0
1,295
Trade creditors
1,571,203
827,563
37,303
49,311
Amounts owed to group undertakings
-
0
-
0
399,783
377,243
Corporation tax payable
716,372
-
0
32,667
-
0
Other taxation and social security
1,194,667
191,358
33,810
31,070
Other creditors
1,041,008
5,754,447
312,406
475,502
Accruals and deferred income
3,178,269
40,472
6,999
4,981
7,711,519
6,825,135
822,968
939,402
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
19,167
30,833
-
0
-
0
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
29,167
40,833
-
0
-
0
Payable within one year
10,000
10,000
-
0
-
0
Payable after one year
19,167
30,833
-
0
-
0
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 27 -
22
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
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
20,690
1,915
-
(2,413)
Tax losses
-
-
-
11,056
20,690
1,915
-
8,643
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
2,714
-
-
(2,413)
Tax losses
-
-
-
11,056
2,714
-
-
8,643
Group
Company
2023
2023
Movements in the period:
£
£
Asset at 1 May 2022
(6,728)
(8,643)
Charge to profit or loss
27,418
11,357
Liability at 30 June 2023
20,690
2,714

The deferred tax liability set out above expected to reverse within 12 months is £6,540 and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,418
28,764

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 28 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
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
2023
2022
2023
2022
£
£
£
£
Within one year
103,810
103,810
-
-
Between two and five years
415,240
415,240
-
-
In over five years
363,335
484,447
-
-
882,385
1,003,497
-
-
26
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan
-
-
37,046
37,046
-
37,046
37,046

The above loan has been repaid within nine months of the year end.

TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 29 -
27
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the period after tax
3,353,096
(285,792)
Adjustments for:
Taxation charged/(credited)
745,046
(69,418)
Finance costs
4,968
4,358
Investment income
(57,851)
(10,773)
Amortisation and impairment of intangible assets
21,056
18,048
Depreciation and impairment of tangible fixed assets
49,412
37,122
Other gains and losses
1,025,569
-
Movements in working capital:
Increase in debtors
(3,070,888)
(2,294,841)
Increase in creditors
171,307
5,307,565
Cash generated from operations
2,241,715
2,706,269
28
Cash generated from operations - company
2023
2022
£
£
(Loss)/profit for the period after tax
(420,907)
275,436
Adjustments for:
Taxation charged/(credited)
43,684
(69,843)
Finance costs
4,211
3,780
Investment income
(8,250)
(10,773)
Depreciation and impairment of tangible fixed assets
17,229
20,068
Other gains and losses
591,728
-
Movements in working capital:
Decrease in debtors
212,845
430,665
Decrease in creditors
(147,806)
(83,123)
Cash generated from operations
292,734
566,210
29
Analysis of changes in net funds - group
1 May 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
2,031,935
1,285,391
3,317,326
Borrowings excluding overdrafts
(40,833)
11,666
(29,167)
Obligations under finance leases
(1,295)
1,295
-
1,989,807
1,298,352
3,288,159
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 30 -
30
Analysis of changes in net funds - company
1 May 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
28,330
26,905
55,235
Obligations under finance leases
(1,295)
1,295
-
27,035
28,200
55,235
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