Company registration number SC653010 (Scotland)
MIPLC Holdings Limited
Annual report and consolidated financial statements
for the year ended 31 December 2024
MIPLC Holdings Limited
Company information
Directors
Kristofor Banks
Matthew Irvine
Company number
SC653010
Registered office
10 Melville Street
Edinburgh
EH3 7NS
Auditor
Henderson Loggie LLP
The Stamp Office
Level 5
10 - 14 Waterloo Place
Edinburgh
EH1 3EG
MIPLC Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group and company balance sheets
9 - 10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
MIPLC Holdings Limited
Strategic report
for the year ended 31 December 2024
- 1 -

The Directors present the strategic report for the year ended 31 December 2024.

Review of the business

MIPLC Holdings Limited (“the Group”) is a well-established, professionally managed independent financial advisor, based in Edinburgh with clients throughout the United Kingdom. The Company’s service to clients includes personal financial planning, investment, pensions and employee benefits to both personal and corporate clients.

 

The Group was established in 2020 with a number of key individuals having operated within the industry since the early 1990’s. The Group has developed a client base from longstanding and trusted relationships with existing clients and professional introducers, including solicitors, accountants and private equity houses. The nature of the advice and relationships Melville Independent plc builds with its clients has led to the development of three key successful Divisions:

 

Wealth Management Division

Corporate Solutions Division

Mortgage Division

 

Melville Independent plc is an appointed representative of JKFS (UK) Limited, who are authorised and regulated by the Financial Conduct Authority.

Principal risks and uncertainties

The management of MIPLC Holdings and the execution of the Group's strategy are subject to a number of risks.

 

The key business risks and uncertainties affecting the Group are considered to relate to regulatory changes, industry factors outwith MIPLC Holding's control and the retention of staff. The Group applies a risk management strategy to ensure they are continually aware of any material impact these factors might have on the successful operation of the firm.

Development and performance

Group turnover for the year was £3.1m, up from £2.9m. Ongoing income increased from £2m to £2.17m as the company continues to increase its funds under management and develops relationships with its ongoing clients. This provides a strong foundation for the company to operate from going forward as it aims to achieve sustainable growth.

 

At the end of the reporting period the Group operated with 13 registered individuals who have a wide range of qualifications all from level 4 upwards. Although this was a reduction in individuals from the previous year, strong client retention from a focus on high quality advice and client relationship management has meant that the overall number of clients of the company has been maintained.

 

The Group retains a high level of capital and reserves which enable it to manage periodic fluctuations in business activity, additional costs or react to opportunities for growth through expansion should the situation arise.

 

The results for the year and financial position at the year end were considered satisfactory by the directors who expect growth in future periods.

MIPLC Holdings Limited
Strategic report (continued)
for the year ended 31 December 2024
- 2 -
Key performance indicators

Given the nature of the IFA business, MIPLC Holdings' directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance and position of the firm.

On behalf of the board

Matthew Irvine
Director
12 May 2025
MIPLC Holdings Limited
Directors' report
for the year ended 31 December 2024
- 3 -

The Directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of independent financial advisors.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £37,500. The directors do not recommend payment of a further dividend.

Directors

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

Kristofor Banks
Matthew Irvine
Auditor

In accordance with the company's articles, a resolution proposing that Henderson Loggie LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

On behalf of the board
Matthew Irvine
Director
12 May 2025
MIPLC Holdings Limited
Directors' responsibilities statement
for the year ended 31 December 2024
- 4 -

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.

MIPLC Holdings Limited
Independent auditor's report
to the members of MIPLC Holdings Limited
- 5 -
Opinion

We have audited the financial statements of MIPLC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group 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.

MIPLC Holdings Limited
Independent auditor's report (continued)
to the members of MIPLC Holdings Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of Directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

As part of our planning process:

MIPLC Holdings Limited
Independent auditor's report (continued)
to the members of MIPLC Holdings Limited
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

Use of our report

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

Diana Penny (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
12 May 2025
Chartered Accountants
Statutory Auditor
The Stamp Office
Level 5
10 - 14 Waterloo Place
Edinburgh
EH1 3EG
MIPLC Holdings Limited
Group statement of comprehensive income
for the year ended 31 December 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
3,114,728
2,880,996
Cost of sales
(687,066)
(636,400)
Gross profit
2,427,662
2,244,596
Administrative expenses
(2,472,490)
(2,219,921)
Other operating income
30,071
28,800
Operating (loss)/profit
4
(14,757)
53,475
Interest receivable and similar income
7
13,842
11,543
Interest payable and similar expenses
8
(112,293)
(112,293)
Amounts written off investments
39
2,810
Loss before taxation
(113,169)
(44,465)
Tax on loss
9
(30,312)
(49,064)
Loss for the financial year
(143,481)
(93,529)
Loss for the financial year is attributable to:
- Owners of the parent company
(179,569)
(148,431)
- Non-controlling interests
36,088
54,902
(143,481)
(93,529)
MIPLC Holdings Limited
Group and company balance sheet
as at 31 December 2024
31 December 2024
- 9 -
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
268,912
458,732
-
0
-
0
Tangible assets
12
67,319
86,574
-
0
-
0
Investments
13
-
0
106
1,234,655
1,234,655
336,231
545,412
1,234,655
1,234,655
Current assets
Debtors
15
135,737
148,226
-
-
Cash at bank and in hand
722,761
596,713
31,448
4,551
858,498
744,939
31,448
4,551
Creditors: amounts falling due within one year
16
(779,677)
(488,748)
(271,574)
(252,880)
Net current assets/(liabilities)
78,821
256,191
(240,126)
(248,329)
Total assets less current liabilities
415,052
801,603
994,529
986,326
Creditors: amounts falling due after more than one year
17
(250,572)
(536,712)
(202,948)
(432,309)
Provisions for liabilities
Provisions
20
(100,000)
-
0
-
0
-
0
Deferred tax liability
21
-
0
(19,430)
-
0
-
0
(100,000)
(19,430)
-
-
Net assets
64,480
245,461
791,581
554,017
Capital and reserves
Called up share capital
23
200
200
200
200
Profit and loss reserves
(233,842)
(34,273)
791,381
553,817
Equity attributable to owners of the parent company
(233,642)
(34,073)
791,581
554,017
Non-controlling interests
298,122
279,534
-
-
64,480
245,461
791,581
554,017
MIPLC Holdings Limited
Group and company balance sheet (continued)
as at 31 December 2024
31 December 2024
- 10 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £257,564 (2023: £256,103).

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
12 May 2025
Matthew Irvine
Director
Company Registration No. SC653010
MIPLC Holdings Limited
Group statement of changes in equity
for the year ended 31 December 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
200
124,158
124,358
249,632
373,990
Year ended 31 December 2023:
Loss and total comprehensive income
-
(148,431)
(148,431)
54,902
(93,529)
Dividends
10
-
(10,000)
(10,000)
(25,000)
(35,000)
Balance at 31 December 2023
200
(34,273)
(34,073)
279,534
245,461
Year ended 31 December 2024:
Loss and total comprehensive income
-
(179,569)
(179,569)
36,088
(143,481)
Dividends
10
-
(20,000)
(20,000)
(17,500)
(37,500)
Balance at 31 December 2024
200
(233,842)
(233,642)
298,122
64,480
MIPLC Holdings Limited
Company statement of changes in equity
for the year ended 31 December 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
200
307,714
307,914
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
256,103
256,103
Dividends
10
-
(10,000)
(10,000)
Balance at 31 December 2023
200
553,817
554,017
Year ended 31 December 2024:
Profit and total comprehensive income
-
257,564
257,564
Dividends
10
-
(20,000)
(20,000)
Balance at 31 December 2024
200
791,381
791,581
MIPLC Holdings Limited
Group statement of cash flows
for the year ended 31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
544,293
479,249
Interest paid
(112,293)
(112,293)
Income taxes paid
(48,873)
(92,497)
Net cash inflow from operating activities
383,127
274,459
Investing activities
Purchase of tangible fixed assets
(1,222)
(1,896)
Proceeds from disposal of tangible fixed assets
200
-
Proceeds from disposal of investments
145
102,096
Interest received
13,842
11,543
Net cash generated from investing activities
12,965
111,743
Financing activities
Proceeds from issue of shares
-
(100)
Repayment of borrowings
(220,765)
(245,280)
Payment of finance leases obligations
(11,779)
(4,908)
Dividends paid to equity shareholders
(20,000)
(10,000)
Dividends paid to non-controlling interests
(17,500)
(25,000)
Net cash used in financing activities
(270,044)
(285,288)
Net increase in cash and cash equivalents
126,048
100,914
Cash and cash equivalents at beginning of year
596,713
495,799
Cash and cash equivalents at end of year
722,761
596,713
MIPLC Holdings Limited
Company statement of cash flows
for the year ended 31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
22,742
11,237
Interest paid
(112,293)
(112,293)
Net cash outflow from operating activities
(89,551)
(101,056)
Investing activities
Dividends received
357,213
358,719
Net cash generated from investing activities
357,213
358,719
Financing activities
Repayment of borrowings
(220,765)
(245,280)
Dividends paid to equity shareholders
(20,000)
(10,000)
Net cash used in financing activities
(240,765)
(255,280)
Net increase in cash and cash equivalents
26,897
2,383
Cash and cash equivalents at beginning of year
4,551
2,168
Cash and cash equivalents at end of year
31,448
4,551
MIPLC Holdings Limited
Notes to the group financial statements
for the year ended 31 December 2024
- 15 -
1
Accounting policies
Company information

MIPLC Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 10 Melville Street, Edinburgh, EH3 7NS.

 

The group consists of MIPLC Holdings Limited and its subsidiary.

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 fair value movements on investments through profit and loss and acquisition accounting. The principal accounting policies adopted are set out below.

1.2
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. Investments in subsidiaries are accounted for at cost less impairment.

 

The basis of consolidation for non-controlling interests involves reporting the portion of equity in a subsidiary not attributable, directly or indirectly, to the parent. This is presented in the consolidated financial statements to provide a clear depiction of the net assets, net income, and comprehensive income attributable to the holders of equity-classified ownership interests other than the parent. Non-controlling interests are measured based on the subsidiary’s net asset value at the acquisition date and are presented within equity in the consolidated balance sheet, separate from the parent's equity.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MIPLC Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024.

 

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.

1.4
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.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 16 -
1.5
Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.6
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 5 years.

1.7
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:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% 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.

1.8
Fixed asset investments

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

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

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 17 -
1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.

1.11
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.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
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.

Derecognition of financial liabilities

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

1.12
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.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 19 -
1.13
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.

1.14
Provisions

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

 

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

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.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Foreign exchange

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

2
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
2
Judgements and key sources of estimation uncertainty (continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of fixed assets

The appropriateness of the carrying value of goodwill from a group perspective, as well as the carrying value of investments in subsidiaries from a company perspective, depends on Melville Independent PLC's ability to generate funds from its underlying customer base. Management conducts an annual review of the customer base, focusing on fee generation and customer retention levels, to evaluate whether the carrying value of fixed assets may be impaired.

Accruals

The directors estimates requirements for accruals using post year end information. This identifies costs and income that are expected to be incurred. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Dilapidations provisions

The directors are required to consider that estimating dilapidation costs involves inherent uncertainties regarding both the timing and amount of such costs. This process relies on key assumptions, including factors such as wear and tear, inflation rates, and applicable regulations, as well as subjective professional judgment that accounts for variables like lease terms and the condition of the property. Directors must ensure that these costs be recognised as estimates when it is probable that obligations exist, an outflow of resources is expected, and the amounts can be reliably measured.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Independent Financial Advice
3,114,728
2,880,996
2024
2023
£
£
Other revenue
Interest income
13,842
11,543
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(22,187)
(19,889)
Depreciation of owned tangible fixed assets
8,498
9,053
Depreciation of tangible fixed assets held under finance leases
11,779
4,908
Amortisation of intangible assets
189,820
189,820
Operating lease charges
90,976
91,097
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,240
3,000
Audit of the financial statements of the company's subsidiaries
15,540
14,400
18,780
17,400
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
23
23
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,118,467
1,101,221
-
0
-
0
Social security costs
121,788
117,497
-
-
Pension costs
112,794
109,692
-
0
-
0
1,353,049
1,328,410
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
13,842
11,543
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
112,293
112,293
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
10,882
33,352
Deferred tax
Origination and reversal of timing differences
19,430
15,712
Total tax charge
30,312
49,064

At the Spring Budget 2021, the government announced that the corporation tax main rate for profits would increase to 25%. Following Royal Assent this was enacted from 1 April 2023 and as a result the corporation tax rate effective in the period has been set at 25% (2023 - 23.52%).

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

2024
2023
£
£
Loss before taxation
(113,169)
(44,465)
Expected tax credit based on the standard rate of corporation tax in the UK of 25% (2023: 24%)
(28,292)
(10,458)
Tax effect of expenses that are not deductible in determining taxable profit
60,868
56,394
Tax effect of income not taxable in determining taxable profit
-
0
(377)
Adjustments in respect of prior years
15,532
-
0
Group relief
-
0
2,276
Deferred tax adjustments in respect of prior years
(17,796)
-
0
Remeasurement of deferred tax for change in rates
-
0
930
Chargeable gains
-
0
299
Taxation charge
30,312
49,064
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
20,000
10,000
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
949,100
Amortisation and impairment
At 1 January 2024
490,368
Amortisation charged for the year
189,820
At 31 December 2024
680,188
Carrying amount
At 31 December 2024
268,912
At 31 December 2023
458,732
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
58,224
47,469
76,090
181,783
Additions
1,222
-
0
-
0
1,222
Disposals
(4,203)
(414)
-
0
(4,617)
At 31 December 2024
55,243
47,055
76,090
178,388
Depreciation and impairment
At 1 January 2024
45,800
44,501
4,908
95,209
Depreciation charged in the year
7,205
1,293
11,779
20,277
Eliminated in respect of disposals
(4,003)
(414)
-
0
(4,417)
At 31 December 2024
49,002
45,380
16,687
111,069
Carrying amount
At 31 December 2024
6,241
1,675
59,403
67,319
At 31 December 2023
12,424
2,968
71,182
86,574
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
12
Tangible fixed assets (continued)
- 25 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
59,403
71,182
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,234,655
1,234,655
Listed investments
-
0
106
-
0
-
0
-
0
106
1,234,655
1,234,655
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
106
Disposals
(106)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
106
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,234,655
Carrying amount
At 31 December 2024
1,234,655
At 31 December 2023
1,234,655
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 26 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% held
direct
Melville Independent PLC
Scotland
Independent Financial Advisors
Ordinary shares
75
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Other debtors
92,145
105,324
-
0
-
0
Prepayments and accrued income
43,592
42,902
-
0
-
0
135,737
148,226
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
11,779
11,779
-
0
-
0
Other borrowings
18
229,286
220,690
229,286
220,690
Trade creditors
20,135
16,641
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
28,230
28,230
Corporation tax payable
34,170
33,301
-
0
-
0
Other taxation and social security
35,000
34,870
-
-
Other creditors
7,275
7,739
-
0
-
0
Accruals and deferred income
442,032
163,728
14,058
3,960
779,677
488,748
271,574
252,880
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
47,624
59,403
-
0
-
0
Other borrowings
18
202,948
432,309
202,948
432,309
Other creditors
-
0
45,000
-
0
-
0
250,572
536,712
202,948
432,309
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 27 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
432,234
652,999
432,234
652,999
Payable within one year
229,286
220,690
229,286
220,690
Payable after one year
202,948
432,309
202,948
432,309

Other borrowings of £432,234 (2023: £652,999) are repayable over 5 years from July 2021 with monthly repayments of €21,327 together with a final payment of €138,768.

 

8,328 ordinary £1 shares in Melville Independent plc are held in trust in favour of the borrower until the borrowings have been fully repaid.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
11,779
11,779
-
0
-
0
In two to five years
47,624
59,403
-
0
-
0
59,403
71,182
-
-

Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 28 -
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
100,000
-
-
-
Movements on provisions:
Dilapidations
Group
£
Additional provisions in the year
100,000

The dilapidations provision relates to the expected costs of restoring the leased office building to its original condition, as required under the terms of the lease agreement. This provision has been estimated based on the terms of the lease and management's best estimate of the costs expected to be incurred at the end of the lease term.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
-
21,365
Retirement benefit obligations
-
(1,935)
-
19,430
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
19,430
-
Credit to profit or loss
(19,430)
-
Asset at 31 December 2024
-
-

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

MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 29 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,794
109,692

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200

The company has four classes of shares: A, Ordinary, B Ordinary, C Ordinary and D Ordinary all with a nominal value of £1.

24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
61,096
91,895
-
-
Between two and five years
-
61,012
-
-
61,096
152,907
-
-
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 30 -
25
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(143,481)
(93,529)
Adjustments for:
Taxation charged
30,312
49,064
Finance costs
112,293
112,293
Investment income
(13,842)
(11,543)
Amortisation and impairment of intangible assets
189,820
189,820
Depreciation and impairment of tangible fixed assets
20,277
13,961
Gain on sale of investments
(39)
(2,810)
Increase in provisions
100,000
-
Movements in working capital:
Decrease in debtors
12,489
233,886
Increase/(decrease) in creditors
236,464
(11,893)
Cash generated from operations
544,293
479,249
26
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
257,564
256,103
Adjustments for:
Finance costs
112,293
112,293
Investment income
(357,213)
(358,719)
Movements in working capital:
Increase in creditors
10,098
1,560
Cash generated from operations
22,742
11,237
27
Analysis of changes in net funds/(debt) - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
596,713
126,048
722,761
Borrowings excluding overdrafts
(652,999)
220,765
(432,234)
Obligations under finance leases
(71,182)
11,779
(59,403)
(127,468)
358,592
231,124
MIPLC Holdings Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2024
- 31 -
28
Analysis of changes in net debt - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,551
26,897
31,448
Borrowings excluding overdrafts
(652,999)
220,765
(432,234)
(648,448)
247,662
(400,786)
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