Company registration number 07118506 (England and Wales)
HENRY SPAIN INVESTMENT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HENRY SPAIN INVESTMENT SERVICES LIMITED
COMPANY INFORMATION
Director
Mr TM Spain
Company number
07118506
Registered office
49, High Street
Market Harborough
Leicestershire
LE16 7AF
Auditor
Edward Thomas Peirson & Sons
21, The Point
Rockingham Road
Market Harborough
Leicestershire
England
LE16 7NU
HENRY SPAIN INVESTMENT SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
HENRY SPAIN INVESTMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The past year has seen continued progress in our long-term strategy to deliver exceptional service to our clients. Despite ongoing macroeconomic and geopolitical uncertainties, our disciplined investment approach and client-focused service model have underpinned another year of positive financial performance and strong client relationships forged on trust.

Financial Highlights

Some further explanation . . .

While these headline profit-before-taxation figures appear strong, it is important to provide context—particularly regarding how certain accounting conventions influence our reported results year to year. In line with changes to financial reporting standards, movements in the fair value of our investments are now reflected in the profit and loss account. This has a material effect on the volatility of reported profits and, in our view, offers an unhelpful and potentially misleading picture of the company’s underlying trading performance.

Business performance is better judged year to year—and decade to decade, in our case—by examining operating profit.

Interestingly, operating profits decreased by 10% year over year, due to increased costs of sales as well as higher administrative expenses. More than one person is doing the work around here now—hallelujah!

As we plan to continue training and developing our people, we see this cost as an investment in our future. Over time, several highly skilled staff, administrators, and wealth managers will continue to contribute even further to the strength of our business.

As Warren Buffett has rightly pointed out in his shareholder letters, the true measure of long-term success lies not in the short-term fluctuations of market valuations, but in the consistent ability to generate earnings, deploy capital wisely, and grow intrinsic value over time.

At Henry Spain, we aim to be greedy and do all three—and our people are very much a part of this growing success story.

Market prices, in the short term, by nature will gyrate wildly—shaped often more by sentiment than fundamentals. Their inclusion in the profit line as a snapshot in time often distorts more than it informs.

That said, it is worth highlighting that the increase in shareholder funds this year—and since the company’s inception—is not solely an accounting mirage. We continue to grow this number year after year. It reflects the real and tangible value generated through retained earnings and the appreciation of high-quality investments held in our share portfolio—many of which we still believe to be materially undervalued.

The company has required no further equity capital since its formation, and from shareholder funds of just £431 in 2011, we have come a long way in 14 years—compounding this number at a rate impossible to replicate in the future.

Yet these gains, both in-year and those still to come, we believe will contribute meaningfully to the long-term value of the business and serve as a testament to the robustness of our investment philosophy.

We remain, as ever, cautious optimists—aware of near-term noise but focused on long-term value. We love nothing more than applying retained earnings to the purchase of £1 worth of assets valued today at less than 50p.

As we look to the future, we are filled with confidence that there is still a place for advisers who buy into quality, only invest in what they understand, and hold for the long term.

- 1 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties

Management continue to meet quarterly to regularly plan and control principal risks that affect the business namely:

 

Management consider all the possible legal and regulatory issues that could impact the ability to comply with FCA regulations and achieve client objectives. The business compliance team (supported by expert external advisers) monitor regulatory changes on an ongoing basis and inform the management of emerging risks.

 

It is essential for the business to remain well capitalised to meet the regulatory requirements of the FCA.

 

Our primary focus is on the needs of our clients and suitable advice and outcomes. We remained humbled at the continued opportunities to serve local people and to increase generational wealth over a long-term horizon.

 

Our discretionary portfolios are managed in line with agreed client mandates and careful consideration of portfolio constituents is regularly reviewed by our investment committee which meets quarterly.

Key performance indicators

The business remains conservatively managed. We exceed all thresholds required by the regulator for capital requirements. Client feedback remains extremely positive and we continue to improve the capabilities of our people while emphasising the importance to all staff of always acting in the best interests of our clients. Key performance indicators are reviewed regularly by management at quarterly board meetings.

Promoting the success of the company

This report outlines how the director of Henry Spain Investment Services complies with their duty under Section 172(1) of the Companies Act 2006. This duty requires directors to act in good faith to promote the success of the company for the benefit of its members while considering key factors affecting the company and its stakeholders.

 

The director of Henry Spain Investment Services ensures that strategic decisions align with long-term business sustainability and growth. Investment strategies and client services are designed to foster stability and profitability over extended periods. The company conducts periodic reviews and risk assessments to ensure that its business model remains resilient in changing market conditions.

 

Henry Spain Investment Services values its employees and is committed to creating a supportive and empowering work environment. We actively promote continuous professional development through structured training programs, clear career progression pathways, and a strong, positive workplace culture.

 

Our ‘Invest in Yourself’ initiative reflects this commitment — offering employees the opportunity to pursue personal and professional growth, including the development of skills that may fall outside their current roles. By encouraging broader learning and self-improvement, we aim to support each team member’s long-term aspirations, whether within or beyond their present responsibilities.

 

The company maintains strong relationships with suppliers, clients, and other stakeholders. By ensuring fair and transparent dealings, the company fosters trust and reliability. Regular engagement with clients and stakeholders ensures that services are tailored to meet their needs while upholding ethical investment principles.

 

 

- 2 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Henry Spain Investment Services acknowledges its corporate social responsibility and the impact of its operations on the community and environment. The firm engages in community initiatives and charitable activities to contribute positively to society.

 

Maintaining a strong reputation for ethical and high-standard business conduct is a core objective of Henry Spain Investment Services. The company adheres to regulatory requirements and industry best practices, ensuring transparency, integrity, and accountability in all business dealings. Compliance with the Financial Conduct Authority (FCA) regulations is strictly observed to uphold trust and confidence among stakeholders.

 

The director acts impartially to ensure fairness among shareholders and stakeholders. Decisions are made to balance the interests of all members. The company remains committed to equitable treatment and open communication with all stakeholders.

 

Henry Spain Investment Services operates in full compliance with Section 172(1) of the Companies Act 2006. The director ensures that all decisions are made in good faith, promoting long-term success while considering the interests of employees, stakeholders, the community, and the environment. The company's commitment to ethical practices, transparency, and sustainability underpins its continued growth and reputation in the financial services sector.

On behalf of the board

Mr TM Spain
Director
15 April 2025
- 3 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of financial advice and planning.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £80,000. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr TM Spain
Director's interests

The director's interest in the shares of the company was as stated below:

Ordinary of £1 each
31 December 2024
31 December 2023
Mr TM Spain
1
1
Financial instruments

The company does not intend to use leverage to increase shareholder returns. We prefer to hold excess cash waiting to take advantage of opportunities when either other businesses overextend themselves, or markets become excessively pessimistic. We believe that fractional ownership of other excellent franchises is a good use of excess shareholder funds. We will continue to remain long-term holders of businesses when they exhibit the following characteristics: a rational price, durable competitive advantage, shareholder orientated management and high returns on capital employed.

Future developments

The business plan is simple. We operate in the two distinctive market towns of Market Harborough and Oakham. We continue to help local people create and maintain wealth. We plan to train and develop our staff to meet their full potential, investing heavily in the development of our people. We seek to build a reputation for investment excellence by making sound investment decisions, which usually result in sound investment results. We have no plan to deviate from the day job in 2025 or beyond.

Auditor

The auditors, Edward Thomas Peirson and Sons, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

- 4 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On behalf of the board
Mr TM Spain
Director
15 April 2025
- 5 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

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

- 6 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HENRY SPAIN INVESTMENT SERVICES LIMITED
Opinion

We have audited the financial statements of Henry Spain Investment Services Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the 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 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 director's 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 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 director 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 director is 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:

- 7 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HENRY SPAIN INVESTMENT SERVICES LIMITED (CONTINUED)
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

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

 

 

Responsibilities of director
- 8 -

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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.

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:

 

We assessed the susceptibility of the company's financial statements to material misstatement and obtained an understanding of how fraud might occur by:

 

HENRY SPAIN INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HENRY SPAIN INVESTMENT SERVICES LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

 

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

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Callum Veasey ACA (Senior Statutory Auditor)
For and on behalf of Edward Thomas Peirson & Sons, Statutory Auditor
Chartered Accountants
21, The Point
Rockingham Road
Market Harborough
Leicestershire
LE16 7NU
England
15 April 2025
- 9 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
Turnover
3
2,383,859
2,220,760
Cost of sales
(513,835)
(388,045)
Gross profit
1,870,024
1,832,715
Administrative expenses
(1,073,674)
(939,617)
Other operating income
6,709
1,382
Operating profit
5
803,059
894,480
Interest receivable and similar income
8
84,624
52,867
Interest payable and similar expenses
9
(14,066)
(8,055)
Gains/(losses) on revaluation of investments
10
250,768
(217,836)
Profit before taxation
1,124,385
721,456
Tax on profit
11
(268,243)
(161,890)
Profit for the financial year
856,142
559,566

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 10 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
246,803
262,990
Current assets
Debtors
15
2,681,622
2,315,341
Investments
16
3,077,009
2,526,217
Cash at bank and in hand
10,681
53,007
5,769,312
4,894,565
Creditors: amounts falling due within one year
17
(513,277)
(423,936)
Net current assets
5,256,035
4,470,629
Total assets less current liabilities
5,502,838
4,733,619
Creditors: amounts falling due after more than one year
18
(80,525)
(100,697)
Provisions for liabilities
Deferred tax liability
20
49,256
36,007
(49,256)
(36,007)
Net assets
5,373,057
4,596,915
Capital and reserves
Called up share capital
22
1
1
Investment revaluation reserve
23
519,626
422,246
Profit and loss reserves
4,853,430
4,174,668
Total equity
5,373,057
4,596,915
The financial statements were approved and signed by the director and authorised for issue on 15 April 2025
Mr TM Spain
Director
Company Registration No. 07118506
- 11 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Investment revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1
310,656
3,806,692
4,117,349
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
559,566
559,566
Dividends
12
-
-
(80,000)
(80,000)
Movement on unrealised gains
-
111,590
(111,590)
-
Balance at 31 December 2023
1
422,246
4,174,668
4,596,915
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
856,142
856,142
Dividends
12
-
-
(80,000)
(80,000)
Movement on unrealised gains
-
97,380
(97,380)
-
Balance at 31 December 2024
1
519,626
4,853,430
5,373,057
- 12 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
728,929
1,002,827
Interest paid
(14,066)
(8,055)
Income taxes paid
(207,709)
(162,703)
Net cash inflow from operating activities
507,154
832,069
Investing activities
Purchase of tangible fixed assets
(50,564)
(25,539)
Proceeds on disposal of tangible fixed assets
-
0
66,740
Purchase of investments
(1,280,827)
(717,667)
Proceeds on disposal of investments
980,803
-
0
Loans made
(274,995)
(256,987)
Receipts arising from loans made
128,900
128,959
Interest received
25,133
14,964
Dividends received
59,491
37,903
Income taxes paid
(39,953)
(37,269)
Net cash used in investing activities
(452,012)
(788,896)
Financing activities
Payment of finance lease and hire purchase obligations
(17,468)
(85,013)
Dividends paid
(80,000)
(80,000)
Net cash used in financing activities
(97,468)
(165,013)
Net decrease in cash and cash equivalents
(42,326)
(121,840)
Cash and cash equivalents at beginning of year
53,007
174,847
Cash and cash equivalents at end of year
10,681
53,007

Cash flows arising from income taxes paid amount to £247,662 (2023 - £199,972).

- 13 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information

Henry Spain Investment Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 49, High Street, Market Harborough, Leicestershire, LE16 7AF.

1.1
Accounting convention

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

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 14 -

Turnover is recognised at the fair value of the consideration received or receivable for financial planning and brokerage services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Initial planning fees are earned when client funds are taken into management and trail fees are accrued daily based on a percentage of the value of the funds under management. Brokerage commissions are earned when shares are purchased or sold on behalf of clients.

1.4
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.

Computer software developed for the company was never brought into use, it's value was written down to nil at an impairment review undertaken at the end of 2021.

1.5
Tangible fixed assets

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

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

Leasehold improvements
10% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on running balance and 5% on running balance
or if held under a finance lease, over the term of the lease, whichever is the shorter.

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 credited or charged to profit or loss.

HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.6
Impairment of fixed assets
- 15 -

At each reporting period end date, the company 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. 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.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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.

 

All other 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and accruals, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
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 when the company has 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.

1.10
Retirement benefits

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

1.11
Leases and hire purchase contracts

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 leases asset are consumed.

Assets held under hire purchase contracts are recognised at cost. The related liability is included in the balance sheet as a hire purchase obligation. Hire purchase 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.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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

Turnover is fully derived from the rendering of services in the U.K.

- 16 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
2024
2023
£
£
Other revenue
Interest income
25,133
14,964
Dividends received
59,491
37,903
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
10,000
For other services
All other non-audit services
8,179
7,849
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
10,000
Depreciation of owned tangible fixed assets
31,481
29,083
Depreciation of tangible fixed assets held under finance leases or hire purchase contracts
32,313
23,701
Loss/(profit) on disposal of tangible fixed assets
2,957
(3,000)
Operating lease charges
48,000
48,000
6
Employees

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

2024
2023
Number
Number
Directors
1
1
Advisers
4
2
Administration staff
13
12
Total
18
15
- 17 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
647,680
512,458
Social security costs
64,503
48,874
Pension costs
112,517
99,991
824,700
661,323
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
14,497
13,232
Company pension contributions to defined contribution schemes
60,035
51,781
74,532
65,013

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

The director is the only member of key management personnel.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4
2,680
Interest on loans to directors
15,175
11,845
Other interest income
9,954
439
Total interest revenue
25,133
14,964
Other income from investments
Dividends received
59,491
37,903
Total income
84,624
52,867

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
17,748
14,964
Interest on financial assets measured at fair value through profit or loss
7,385
-
Dividends from financial assets measured at fair value through profit or loss
59,491
37,903
- 18 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
1
-
0
Other finance costs:
Interest on finance leases and hire purchase contracts
14,065
8,055
14,066
8,055
10
Gains/(losses)
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
250,768
(217,836)

All gains/(losses) relate to listed investments.

11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
254,994
207,710
Deferred tax
Origination and reversal of timing differences
13,249
(43,089)
Changes in tax rates
-
0
(2,731)
Total deferred tax
13,249
(45,820)
Total tax charge
268,243
161,890

The main rate of Corporation Tax was increased from 19% to 25% with effect from 1 April 2023, resulting in an effective rate of 23.52% for the comparative period.

- 19 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,124,385
721,456
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
281,096
169,690
Tax effect of expenses that are not deductible in determining taxable profit
3,213
3,193
Tax effect of income not taxable in determining taxable profit
(14,873)
(8,915)
Gains not taxable
(1,842)
-
0
Depreciation on assets not qualifying for tax allowances
690
809
Depreciation on assets on finance leases deductable for tax purposes
-
0
(159)
Indexation on investments
(41)
27
Enhanced capital allowances
-
0
(24)
Deferred tax on timing differences remeasured at expected future rate of 25%
-
0
(2,731)
Taxation charge for the year
268,243
161,890
12
Dividends
2024
2023
£
£
Interim paid
80,000
80,000
13
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
34,115
Amortisation and impairment
At 1 January 2024 and 31 December 2024
34,115
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
- 20 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
160,797
77,155
102,101
136,388
476,441
Additions
6,333
1,376
5,855
37,000
50,564
Disposals
(3,192)
(14,370)
(35,549)
-
0
(53,111)
At 31 December 2024
163,938
64,161
72,407
173,388
473,894
Depreciation and impairment
At 1 January 2024
50,214
67,011
89,463
6,763
213,451
Depreciation charged in the year
16,394
5,203
7,941
34,256
63,794
Eliminated in respect of disposals
(638)
(14,370)
(35,146)
-
0
(50,154)
At 31 December 2024
65,970
57,844
62,258
41,019
227,091
Carrying amount
At 31 December 2024
97,968
6,317
10,149
132,369
246,803
At 31 December 2023
110,583
10,144
12,638
129,625
262,990

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
96,938
129,251
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
608,746
469,846
Amounts owed from other companies under common control
953,466
948,246
Directors' current accounts
757,192
616,317
Other debtors
1,809
1,829
Prepayments and accrued income
136,323
102,562
2,457,536
2,138,800
- 21 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Debtors
(Continued)
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
224,086
176,541
Total debtors
2,681,622
2,315,341
16
Current asset investments
2024
2023
£
£
Listed investments
3,077,009
2,526,217
Listed investments included above:
Listed investments at market value
3,077,009
2,526,217
Potential tax liability if sold at market value
9,892
(14,519)

The fair value of all listed investments is taken to be the open market value of identical shares on an active stock market.

 

Unrealised net fair value gains of £293,885 (2023 - £158,179) and unrealised net fair value losses of £80,145 (2023 - £376,015) are included in the profit and loss account under the heading of gains/(losses) on revaluation of investments.

 

Gains of £262,994 (2023 - £154,535) and losses of £2,388 (2023 - £6,186) have been transferred to the investment revaluation reserve, these being the value of all unrealised net fair value gains and the reversal of all unrealised net fair value gains above the original cost of the investments respectively. The corresponding movements in the deferred tax provision to these gains and losses have also been transferred to the investment revaluation reserve.

 

Current asset investments represent the company's only financial assets measured at fair value through profit and loss.

 

The main risk the company's current asset investments expose them to is market risk, that being that the fair value of the investments will fluctuate. Both credit and liquidity risk are considered to be minimal.

17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases and hire purchase contracts
19
21,070
18,366
Trade creditors
2,705
2,238
Corporation tax
302,573
247,696
Other taxation and social security
126,241
116,282
Accruals and deferred income
60,688
39,354
513,277
423,936
- 22 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases and hire purchase contracts
19
80,525
100,697
19
Finance lease and hire purchase contract obligations
2024
2023
Future minimum payments due under finance leases and hire purchase contracts:
£
£
Within one year
21,070
18,366
In two to five years
80,525
100,697
101,595
119,063

Finance lease and hire purchase contract obligations represent rentals payable by the company for certain items of plant and machinery purchased under hire purchase contracts. Ownership of the assets will transfer to the company after the final payments are made, the average lease term is 3 years and no restrictions are placed on the use of the assets.

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
39,364
50,525
Net realisable value provision
9,892
(14,518)
49,256
36,007
2024
Movements in the year:
£
Liability at 1 January 2024
36,007
Charge to profit or loss
13,249
Liability at 31 December 2024
49,256

The deferred tax liability set out above is expected to decrease by £10,948 over the next 12 months, this is due to the expected depreciation charge on all qualifying assets exceeding capital allowances by £43,793. The effective corporation tax rate for the next 12 months is expected to be 25.00%.

- 23 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,517
99,991

The company makes contributions to the personal pension funds of all qualifying employees. At 31 December 2024 there were contributions due of £6,686 (2023 - £5,950), including £2,738 (2023 - £2,479) deducted from employees wages to be paid over on their behalf, which are included in accruals and deferred income.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
23
Reserves
Investment revaluation reserve
£
At the beginning of the prior year
310,656
Movement on unrealised gains
111,590
At the end of the prior year
422,246
Movement on unrealised gains
97,380
At the end of the current year
519,626

All unrealised gains, and the reversal of unrealised gains, on current asset investments are, to the extent that they are above their original purchase value, transferred to this reserve net of the corresponding deferred taxation provision. This is done so that only profits that have been realised are included in retained earnings.

24
Financial commitments, guarantees and contingent liabilities

During the preceding year, a client of the company made a complaint to the Financial Conduct Authority (“the Regulator”) regarding a potential conflict of interest in relation to investment advice that they had received from the company. The complaint was rejected by the company and the Financial Ombudsman. However, as a consequence, the Regulator required the company to commission a report from an independent Skilled Person into the processes undertaken by the company in arriving suitable investment advice for clients taking into account their risk tolerance and level of understanding.

The Skilled Persons report has since been prepared and accepted by the Regulator. The report, in all material respects, supports the procedures followed by the company, and the Regulator has given no indication that any follow up action will be required. As a result, the director believes that no further costs will be incurred on this issue.

- 24 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
36,110
48,000
Between two and five years
72,000
90,110
In over five years
33,000
51,000
141,110
189,110

The above figures represent leases on the two properties from which the company operates which have 0.60 and 6.83 years left to run respectively.

26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Entities with control, joint control or significant influence over the entity

 

T M Spain

 

The company is controlled by Mr T M Spain, a director, who owns the entire share capital. During the year, Mr Spain received dividends totalling £80,000, (2023 - £80,000) from the company, details of his remuneration as well as his director's current account with the company can be found in notes 7 and 27 respectively.

- 25 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Related party transactions
(Continued)

Other related parties

 

Close family member of the controlling party

 

Close family members of Mr Spain received remuneration totalling £84,668 (2023 - £75,131) and had pension contributions of £22,319 (2023 - £11,948) made on their behalf by the company.

 

Henry Spain Property Limited - A company controlled by Mr T M Spain, a director and the sole shareholder of the company

 

The company paid rent of £48,000 (2023 - £48,000) to Henry Spain Property Limited.

 

From time to time, the company had made cash loans to and paid expenses on behalf of Henry Spain Property Limited and at 31 December 2024 Henry Spain Property Limited owed them £953,466 (2023 - £948,246) in respect of such transactions. No interest is payable on the balances outstanding which are repayable on demand.

 

Other companies in which Mr T M Spain, a director and the sole shareholder of the company, is a member of the key management personnel

 

The company holds shares in, and has from time to time, made purchases of shares in, other companies of which Mr T M Spain is a member of key management personnel. During the year, the company made purchases totalling £40,555 (2023 - £75,706) in such shares, gains in the value of the shares held in these companies totalled £9,755 (2023 - losses totalled £234,186) and at 31 December 2024 the total value of the shares held was £377,910 (2023 - £327,600).

27
Directors' transactions

Mr T M Spain, operates a director's current account with the company to which expenses of £900 (2023 - £959), that he had incurred on behalf of the company as well as undrawn dividends of £80,000 (2023 - £80,000) have been credited and to which drawings and payments made on his behalf by the company of £206,600 (2023 - £187,492) have been debited. At 31 December 2024 Mr Spain owed £757,192 (2023 - £616,317) to the company in respect of such transactions. The maximum debit balance on the account, in the year, was £757,192 (2023 - £616,317) and Mr Spain paid the company interest totalling £15,175 (2023 - £11,845), calculated on the daily debit balance outstanding at the Official Rate of 2.25%. No interest is payable by the company on credit balances and both credit and debit balances are repayable on demand.

28
Ultimate controlling party

The ultimate controlling party is T M Spain.

- 26 -
HENRY SPAIN INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
29
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
856,142
559,566
Adjustments for:
Taxation charged
268,243
161,890
Finance costs
14,066
8,055
Investment income
(84,624)
(52,867)
Loss/(gain) on disposal of tangible fixed assets
2,957
(3,000)
Depreciation and impairment of tangible fixed assets
63,794
52,784
Other gains and losses
(250,768)
217,836
Movements in working capital:
(Increase)/decrease in debtors
(172,641)
38,036
Increase in creditors
31,760
20,527
Cash generated from operations
728,929
1,002,827
30
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
53,007
(42,326)
10,681
Obligations under finance leases and hire purchase contracts
(119,063)
17,468
(101,595)
(66,056)
(24,858)
(90,914)
31
Auditor's liability limitation agreement

The company has entered into a liability limitation agreement with its auditors and this agreement was approved by resolution dated 12 March 2025.

 

Liability is limited to a maximum of £360,000. In accordance with section 537 of Companies Act 2006, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have the effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default, breach of duty or beach of trust occurring in the course of the audit of the financial statements of the company for the year ended 31st December 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

- 27 -
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