Company registration number 06912468 (England and Wales)
SALT RECRUITMENT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SALT RECRUITMENT GROUP LIMITED
COMPANY INFORMATION
Directors
P D A Schiavo
E D Dell
Company number
06912468
Registered office
9 Wootton Street
London
SE1 8TG
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
SALT RECRUITMENT GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 39
SALT RECRUITMENT GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Business review

Salt Recruitment Group Limited (“the group”) is a global leader in digital recruitment. The group covers all aspects of digital; creating futures for our customers globally that will positively impact the digital economy.

 

The group has traded for over 10 years, operating in a high growth market designed to meet the challenges of existing and emerging technology. Customer demand has been strong pre and post Covid- 19 as new product development continues with vendors, as consultancies expand globally, and businesses work on their digital transformations; all whilst access to talent is often seen as a bottleneck.

 

The group has excellent client diversity; developing long-term, direct relationships with many of the world’s fastest growing, blue-chip and emerging companies. Salt Recruitment Group Limited provides permanent and contract solutions across creative, marketing, sales and technology, building teams for tech companies and covering all areas from customer experience, ecommerce, data analytics, AI (Artificial Intelligence), software engineering, consulting, transformation, cyber security, VR (virtual reality) to IOT (Internet of Things).

 

As well as managing global recruitment campaigns, the group also places its staff onsite and provides an embedded solution to accelerate time to hire whilst reducing cost per hire; this product is known as our DRO (Digital Recruitment Outsourcing – Salt X).

 

The group including associates has an experienced and stable management operating globally in multiple offices across 15 countries including the United Kingdom, Australia, Belgium, Brazil, Canada, Germany, Hong Kong, Malaysia, Netherlands, New Zealand, Singapore, South Africa, Thailand, United Arab Emirates and the United States of America.

 

During the year the group were not immune to a general slow-down with operating losses of £1.02m (2022: £3.58m profit). The group has a strong team, a loyal customer base and being a specialist digital recruiter is well placed heading into 2024 and beyond.

 

Economic headwinds including global inflation rates being at highs not seen for a number of years and lower growth meant demand declined in 2023 and levelled off in 2024. Whilst these headwinds were expected to have an impact, the group would offset this by a combination of:

•    Continued demand and supply imbalances in the digital job market;

•    NFI generated from contract placements; and

•    Control of costs; and

•    By remaining focussed on core digital recruitment activities.

SALT RECRUITMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The group’s international network reduces its dependence on any one specific geography, economy or customer, however, these global and local variances will impact the group’s business. The group has strong management structures in place to control and react to risk and market changes; and the strength of the Salt brand, with over 1 million followers on LinkedIn, and the experience of the Leadership team means the group is well placed to meet these risks as demonstrated over many years.

 

Economic and market risk

The recruitment market is driven by economic cycles and business confidence, and as a consequence the group is subject to risks associated with an economic downturn. The group addresses this risk through ensuring non- dependence on any one client or service, operating globally across 15 countries and offering a broad range of services within the sectors in which it operates together with a focus on quality and performance of delivery.

 

Competitive risk

The markets in which the group operate are competitive and fragmented, and as a consequence the group is subject to a number of risks including the impact of competitor activity, key staff attraction and retention. The group addresses this risk through regularly monitoring competitor rates and margins and by attracting and retaining quality staff through incentive and retention initiatives, although the group accept a moderate level of attrition may arise given the focus on achievement, quality and compliance. Risks are regularly reviewed and assessed by the management team to ensure that adverse effects are minimised.

 

Credit risk

The group policies are set to minimise exposure to credit risk, and in particular over bad debts. The group addresses this risk through monitoring the creditworthiness of customers, working with customers to ensure debt is within acceptable credit limits and taking remedial action where necessary. Credit risk is regularly reviewed through an efficient management process of financial control, invoicing and debt recovery.

 

Foreign exchange risk

The group has exposure to foreign exchange risk. The group addresses this risk on a monthly basis through continued review of the group’s global strategy, reviewing exchange rates, and ensuring costs and revenues are delivered in the same local currency.

Key performance indicators

The recruitment market is dynamic and the directors track a range of key performance indicators on a periodic basis. The more important KPI’s include Net Fee Income (“NFI”); operating profit and EBITDA; contractor numbers and margins; and written business, all of which are measured on a regular basis against budget metrics.

 

Financial indicators may be extracted from the group profit and loss account on page 12; other performance indicators are market sensitive and not for disclosure.

Financial risk management

The group’s operation exposes it to a variety of financial risk that include the effects of credit risk, currency risk and liquidity risk. The directors seek to limit the effects of credit and liquidity risk by monitoring turnover and debtor days. The risks in relation to currency have been less material to the group in the year as currency movements have appreciated in favour of the group on its group debt movements. The directors seek to limit the effects on the financial performance of the group by regularly monitoring levels of exposure to identified financial risks.

SALT RECRUITMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Promoting the success of the group

Section 172 of the Companies Act 2006 requires a company’s directors to take into consideration the interests of wider stakeholders when performing their duty and in their decision making. In particular, consideration should be given to the long-term consequences of decisions, the interests of employees, business relationships with suppliers, clients and others, the impact of the group's operations on the community and the environment, and the desirability of the group to maintain a reputation for high standards of business conduct.

 

This section of the strategic report and the pages to which it refers comprises the group's section 172(1) statement together with statements on how the directors have engaged with employees, business relationships with clients, suppliers and other external stakeholders and had regard to their respective interests.

 

The group's stakeholders

The directors have considered and assessed the following as the group's key wider stakeholder groups:

Employees

The group is a people business with a highly engaged and supported workforce delivering award-winning digital recruitment specialising in the Consulting, Creative, HR, Marketing, Sales and Technology sectors.

 

The group is committed to providing a supportive, inclusive culture where employees may experience opportunities for career development and a long and rewarding career.

 

The group engages and feedbacks with employees by means of:

•    Quarterly local and regional engagement delivering financial and strategic updates

•    Employee annual satisfaction surveys

•    Individual career planning to provide employees with a pathway to progression and development

•    Employee Mental Well-being Support programs

•    Open access to HR engagement for employees to discuss all issues confidentially with a HR specialist

 

Clients and candidates

The group’s success is dependent upon its engagement with each providing service at the highest level.

 

The group is committed to helping clients source talent that will positively impact the digital economy, and to support candidates to develop their careers.

 

The group engages and feedbacks with clients and candidates by means of:

•    Net Promoter Score engagement with all clients

•    Attendance at and hosting industry events

•    Leadership from employees in the form of video and recruitment expertise pieces available to a number of     leading platforms

 

Suppliers

The group engages with suppliers who meet the group’s own high standards and with expertise outside of our award-winning digital recruitment services.

 

The group is committed to developing strong relationships with suppliers.

 

The group engages and feedbacks with suppliers by means of:

•    Agreement of fair terms of business

•    Comitting to align with the group’s own DEI agenda

•    Development of a Modern Slavery Act Transparency Statement (available on the group website at     www.welovesalt.com/modern-slavery-act-transparency-statement/

 

 

SALT RECRUITMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Communities & government

The group promotes strategy to positively impact economic and societal factors.

 

The group engages and feedbacks supporting Corporate Social Responsibility (“CSR”) initiatives by means of:

•    CSR activity led by Leadership and Employees

•    Development of a Diversity, Equity and Inclusion program

•    Management of regulatory matters with our advisers and review of our tax strategy to ensure legal and     fiscal compliance

•    Online network and channels used to drive social impact voices and content initiatives

 

The group is committed to a fair and transparent tax strategy including tax compliance and reporting, tax governance and tax risk management.

 

Shareholders

The group works to provide returns to owners and to maintain the group growth and sustainability going forwards.

 

The group is committed to providing strong management to drive growth and performance, and to meeting the highest levels of governance and decision-making to benefit all shareholders.

 

The group engages and feedbacks with shareholders by means of:

•    Identifying and offering employee share ownership annually under an Enterprise Management Incentive     Scheme

•    Monthly board meetings to discuss local, regional and global finances and trading matters with     shareholders and future potential shareholders

 

Review of stakeholder engagement

 

Employees

The group’s Leadership team engage on a quarterly basis with staff across all offices on a range of matters and to ensure employees had an opportunity to engage and discuss any matters.

 

The group continues to support employee engagement at all levels to determine policy including mental well-being initiatives, Diversity, Equity and Inclusion, CSR and supporting charitable activities in the local communities. Throughout the year the group promoted a variety of activities that aim to highlight marginalised voices, celebrate culture days with clients and candidates, and recognise special events. These include for example, International Women's Day, Heritage days across the globe, neurodiversity in the workplace, and LGBTQIA+ celebrations.

 

The group encourages the growth of our employees by offering clear and transparent career pathways. This is supported by weekly and adhoc training sessions, 121 coaching and comprehensive support programs, as well as to the ability to attend and host sector specific events and access external training. The development of staff is reinforced through annual business planning and a Skills Competency Value Matrix framework that identifies areas for development and skills requirements to meet regular promotion criteria.

 

The group focuses on adhering to inclusive recruitment practices to improve representation and support a diverse workforce. The group strives to offer a tailored employee experience, enabling staff to bring their whole self to work and reach their full potential. Programs focus on a wide variety of inclusion topics with the aim to educate and progress.

 

The group’s approach to Mental Well-being recognises that employees have wide-ranging demands inside and outside of work. It aims to create a culture of openness to breakdown the taboo of poor mental health and support employees with their mental well-being in the workplace and at home. Such initiatives include a quarterly mental health forum, access to mindfulness and meditation apps, discretionary compassionate leave, flexible working, private medical insurance offering mental well-being therapies and trained mental health first aiders.

 

The group fosters a culture of open feedback culminating in an annual confidential Employee Engagement survey, with the results shared with all employees, together with a Leadership statement setting out how the group proposes to move forward on matters identified as part of that engagement survey. Additionally the group monitors Glassdoor and conduct exit interviews to garner feedback on the employee experience.

SALT RECRUITMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Clients and candidates

The Leadership team regularly engages with clients and candidates through Net Promoter Score, and develops strategies and additional training needs where results are not at levels set by the group.

 

The group creates and delivers thought leadership from Hiring Advice, Career Advice and Inspiring Interviews.

 

Suppliers

Relationships with suppliers are discussed at regular monthly meetings, where necessary, to determine levels of engagement.

 

The Leadership team regularly assess the level of the company’s creditors to ensure payments are made in a timeous manner and in accordance with payment terms; and assess working capital management as part of this process.

 

Communities & government

The group supports CSR and fundraising activity which is carried out across all offices.

 

We work to make a lasting impact on our community and environment. To do this we rely on the values that underpin all our actions and impact everything we do both internally and externally.

 

Each office chooses local causes to get involved with. With our global CSR and DEI committees, we regularly see what differences we can make across our environments. Working together we look to ensure everyone at the group feels liberated and respected without fear of being judged. The group also promotes education of the future workforce, working with local schools and offering work experience opportunities through internships and Graduate Academy schemes to support diverse hiring at entry level.

 

Shareholders

Wider share ownership remains an ambition for the group to support and facilitate future key employee shareholders through the Enterprise Management Incentive scheme which has been operational and active since 2014. The Leadership team regularly considers opportunities for employees to participate to positively influence the growth of the group and return to shareholders.

On behalf of the board

P D A Schiavo
Director
22 May 2025
SALT RECRUITMENT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of the provision of recruitment services.

Results and dividends

The results for the year are set out on page 12.

Interim ordinary dividends were paid amounting to £129,153. The directors do not recommend payment of a final dividend.

Directors

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

P D A Schiavo
E D Dell
Auditor

In accordance with the company's articles, a resolution proposing that Beavis Morgan Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The company is required by the Companies Act 2006 to disclose the group's energy use. Gas and electricity usage has been obtained over a 12-month period from supplier invoices. The figures include energy usage of subsidiaries, where the subsidiary would be obliged to disclose usage if reporting on its own.

 

This report excludes non UK subsidiaries.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
65,889
75,177
65,889
75,177
The electricity supplied to the companies required to report emissions is zero-carbon rated, therefore there are no emissions to report.
Quantification and reporting methodology

Under the SECR framework, where a group level report is required, the option is presented to exclude energy and carbon information from the report which relates to a subsidiary that would not be obliged to report in its own right - all foreign subsidiaries have therefore been excluded from these requirements, and no information on environmental impact is presented here.

 

The directors have followed the 2013 UK Government environmental reporting guidance. We have also used the GHG Protocl Value Chain (Scope 3) Standard, but we are not as yet able to report on all categories that may be relevant. The figures relate to the required elements of each Scope 3 category rather than the optional elements.

Intensity measurement

The chosen intensity measurement ratio is total gross emission in metric tonnes CO2e per £1m turnover, the recommended ratio for the sector.

SALT RECRUITMENT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Measures taken to improve energy efficiency

Energy usage is monitored regularly and there are a number of initiatives which are ongoing and planned for the future. These include:

 

- Energy efficient lighting to be in place in all UK offices

- Encouragement to switch off lights, consoles, laptops, air-conditioning when not required

- Lowering heating thermostats by 1 degree Celsius

- Energy efficient appliances only to be used in all UK offices

- Regular maintenance to ensure proper performance

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of disclosure concerning engagement with employees, suppliers, customers and others and future development of the business.

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
P D A Schiavo
Director
22 May 2025
SALT RECRUITMENT GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

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.

SALT RECRUITMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SALT RECRUITMENT GROUP LIMITED
- 9 -
Opinion

We have audited the financial statements of Salt Recruitment Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 directors are responsible for the 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. 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.

 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

SALT RECRUITMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALT RECRUITMENT GROUP LIMITED
- 10 -

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.

SALT RECRUITMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALT RECRUITMENT GROUP LIMITED
- 11 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

 

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Richard Thacker (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
22 May 2025
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
SALT RECRUITMENT GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
55,113,489
96,607,239
Cost of sales
(37,043,292)
(62,123,591)
Gross profit
18,070,197
34,483,648
Administrative expenses
(18,569,853)
(30,392,113)
Other operating income
3
2,587
156,458
Exceptional item
4
(519,500)
(671,797)
Operating (loss)/profit
5
(1,016,569)
3,576,196
Share of results of associates
(583,991)
-
Interest receivable and similar income
3
7,766
12,275
Interest payable and similar expenses
9
(334,549)
(401,109)
(Loss)/profit before taxation
(1,927,343)
3,187,362
Tax on (loss)/profit
10
(3,311)
(514,507)
(Loss)/profit for the financial year
(1,930,654)
2,672,855
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(1,959,966)
1,973,168
- Non-controlling interests
29,312
699,687
(1,930,654)
2,672,855
SALT RECRUITMENT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
£
£
(Loss)/profit for the year
(1,930,654)
2,672,855
Other comprehensive income
Currency translation differences
(464,342)
503,919
Total comprehensive income for the year
(2,394,996)
3,176,774
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(2,424,308)
2,477,087
- Non-controlling interests
29,312
699,687
(2,394,996)
3,176,774
SALT RECRUITMENT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
110,584
1,834,183
Tangible assets
13
193,064
565,141
Investments
14
987,669
-
0
1,291,317
2,399,324
Current assets
Debtors
17
11,642,080
21,763,648
Cash at bank and in hand
619,476
2,060,085
12,261,556
23,823,733
Creditors: amounts falling due within one year
18
(7,884,020)
(16,734,139)
Net current assets
4,377,536
7,089,594
Total assets less current liabilities
5,668,853
9,488,918
Creditors: amounts falling due after more than one year
19
(22,253)
(32,014)
Provisions for liabilities
Deferred tax liability
22
56,130
56,130
(56,130)
(56,130)
Net assets
5,590,470
9,400,774
Capital and reserves
Called up share capital
23
1,322
1,322
Share premium account
18,505
18,505
Capital redemption reserve
145
145
Profit and loss reserves
5,126,782
7,680,243
Equity attributable to owners of the parent company
5,146,754
7,700,215
Non-controlling interests
443,716
1,700,559
5,590,470
9,400,774
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
P D A Schiavo
Director
Company registration number 06912468 (England and Wales)
SALT RECRUITMENT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
2,160,152
1,828,940
Current assets
Debtors
17
433,186
361,771
Cash at bank and in hand
1,425
829
434,611
362,600
Creditors: amounts falling due within one year
18
(1,819,568)
(1,666,794)
Net current liabilities
(1,384,957)
(1,304,194)
Net assets
775,195
524,746
Capital and reserves
Called up share capital
23
1,322
1,322
Share premium account
18,505
18,505
Capital redemption reserve
145
145
Profit and loss reserves
755,223
504,774
Total equity
775,195
524,746

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 £379,602 (2022 - £660,545 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
P D A Schiavo
Director
Company registration number 06912468 (England and Wales)
SALT RECRUITMENT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
1,346
18,505
121
5,906,310
5,926,282
1,177,340
7,103,622
Year ended 31 December 2022:
Profit for the year
-
-
-
1,973,168
1,973,168
699,687
2,672,855
Other comprehensive income:
Currency translation differences
-
-
-
503,919
503,919
-
503,919
Total comprehensive income
-
-
-
2,477,087
2,477,087
699,687
3,176,774
Dividends
11
-
-
-
(703,154)
(703,154)
(176,468)
(879,622)
Redemption of shares
23
-
-
24
-
24
-
24
Reduction of shares
23
(24)
-
-
-
(24)
-
(24)
Balance at 31 December 2022
1,322
18,505
145
7,680,243
7,700,215
1,700,559
9,400,774
Year ended 31 December 2023:
Loss for the year
-
-
-
(1,959,966)
(1,959,966)
29,312
(1,930,654)
Other comprehensive income:
Currency translation differences
-
-
-
(464,342)
(464,342)
-
(464,342)
Total comprehensive income
-
-
-
(2,424,308)
(2,424,308)
29,312
(2,394,996)
Dividends
11
-
-
-
(129,153)
(129,153)
-
(129,153)
Other movements
-
-
-
-
-
(1,286,155)
(1,286,155)
Balance at 31 December 2023
1,322
18,505
145
5,126,782
5,146,754
443,716
5,590,470
SALT RECRUITMENT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
1,346
18,505
121
547,382
567,354
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
660,545
660,545
Dividends
11
-
-
-
(703,153)
(703,153)
Redemption of shares
23
-
-
24
-
24
Reduction of shares
23
(24)
-
-
-
(24)
Balance at 31 December 2022
1,322
18,505
145
504,774
524,746
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
379,602
379,602
Dividends
11
-
-
-
(129,153)
(129,153)
Balance at 31 December 2023
1,322
18,505
145
755,223
775,195
SALT RECRUITMENT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,261,157
1,482,318
Interest paid
(334,549)
(401,109)
Income taxes paid
(349,476)
(597,573)
Net cash inflow from operating activities
577,132
483,636
Investing activities
Purchase of business, net of cash acquired
-
(495,753)
Purchase of tangible fixed assets
(83,772)
(557,369)
Proceeds from disposal of tangible fixed assets
19,698
-
Purchase of subsidiaries, net of cash acquired
(294,175)
(19,200)
Proceeds from disposal of subsidiaries, net of cash disposed
-
16,574
Net proceeds of loans advanced to directors
57,175
586,127
Interest received
7,766
12,275
Dividends received
379,601
-
0
Net cash generated from/(used in) investing activities
86,293
(457,346)
Financing activities
Net repayments from invoice discounting facility
(236,764)
(464,687)
Net receipts from shareholder loans
-
52,588
Repayment of bank loans
(9,761)
(7,986)
Dividends paid to equity shareholders
(129,153)
(703,154)
Dividends paid to non-controlling interests
-
0
(176,468)
Net cash used in financing activities
(375,678)
(1,299,707)
Net increase/(decrease) in cash and cash equivalents
287,747
(1,273,417)
Cash and cash equivalents at beginning of year
2,040,358
2,809,856
Effect of foreign exchange rates
(464,342)
503,919
Effect of change of control of subsidiary to associate
(1,244,287)
Cash and cash equivalents at end of year
619,476
2,040,358
Relating to:
Cash at bank and in hand
619,476
2,060,085
Bank overdrafts included in creditors payable within one year
-
(19,727)
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Salt Recruitment Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 9 Wootton Street, London, SE1 8TG.

 

The group consists of Salt Recruitment Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Salt Recruitment Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

 

Any subsidiary that has a different functional currency to the presentational currency of the group is retranslated using the following rates. Items in profit and loss are translated from the functional currency to the presentational currency using the rate of exchange prevailing at the date of the transaction or an average rate where more appropriate. Balance sheet items are translated at the rate of exchange prevailing on the reporting end date. Differences arising on translation are recognised in other comprehensive income.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. Control includes control achieved by the actual exercise of dominant influence over the affairs of subsidiary undertakings.

 

Where the directors consider that control via dominant influence is no longer exercised, but the group retains significant influence, the relevant entities are accounted for using equity accounting from the date of change.

Entities other than subsidiary undertakings in which the group has a participating interest, and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

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.

1.5
Turnover

Turnover comprises revenue recognised by the group in respect of recruitment services provided, exclusive of Value Added Tax, and is recognised when candidates commence permanent employment, and contract revenue is recognised in the period the contractor undertakes the work.  A provision is recognised where a rebate is due should the candidate cease permanent employment within the agreed terms of business.

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 10 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:

Leasehold improvements
Over the term of lease
Fixtures and fittings
25% straight line
Office equipment
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

Investments in subsidiaries are measured at cost less accumulated impairment.

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, or where there is the power to exercise, or the actual exercise of, dominant influence or control over the entity.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Unless a formal right of set off exists, bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 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, loans advanced to fellow group members 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.

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.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
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, loans from fellow group members and invoice finance facilities, 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.

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.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.15
Retirement benefits

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

1.16
Leases

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

1.17
Government grants

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

 

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

1.18
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.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Control of subsidiaries

Judgement has been required in respect of determining whether the group exercises control over certain subsidiaries. In the directors' view, control is achieved by the actual exercise of dominant influence over the affairs of certain of its subsidiary undertakings.

Recoverability of connected company loan

At the reporting date, a loan made to a connected company was judged to be irrecoverable and has been written off in the profit and loss account. See note 4 for amounts written off during the year.

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.

Dropper provision

When a candidate is placed in employment, refunds may be due if the candidate leaves within an agreed timeframe. The company estimates a dropper provision for such instances. The provision is calculated as a percentage of permanent fees recognised on a rolling activity basis. The rate applied is based on historical averages. The provision recognised at the reporting date is £28,066 (2022: £77,695) and is included within other creditors.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover and other revenue

The whole of turnover is attributable to the principal activity of the group.

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
36,697,714
35,971,510
Rest of Europe
5,448,073
12,014,695
Rest of the World
12,967,702
48,621,034
55,113,489
96,607,239
2023
2022
£
£
Other revenue
Interest income
7,766
12,275
Grants received
2,587
156,458
4
Exceptional item
2023
2022
£
£
Expenditure
Amounts written off connected company loan
519,500
671,797
5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(31,628)
40,444
Government grants
(2,587)
(156,458)
Depreciation of owned tangible fixed assets
78,878
263,770
(Profit)/loss on disposal of tangible fixed assets
-
8,202
Amortisation of intangible assets
12,511
172,134
Operating lease charges
916,764
1,211,048
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
11
14
-
-
Finance
13
20
-
-
Compliance
5
7
-
-
HR
5
6
-
-
Marketing
5
8
-
-
Sales
173
261
-
-
Operating Directors
8
12
-
-
Total
220
328
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
13,129,204
20,420,205
-
0
-
0
Social security costs
973,239
1,333,548
-
-
Pension costs
122,922
405,833
-
0
-
0
14,225,365
22,159,586
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
287,333
303,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
250,000
250,000
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
8
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,000
15,000
Audit of the financial statements of the company's subsidiaries
44,000
30,000
66,000
45,000
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
149
-
Interest on invoice finance arrangements
334,400
401,080
Other interest
-
29
Total finance costs
334,549
401,109
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
89,486
471,144
Adjustments in respect of prior periods
(86,175)
-
0
Total UK current tax
3,311
471,144
Foreign current tax on profits for the current period
-
0
107,501
Total current tax
3,311
578,645
Deferred tax
Origination and reversal of timing differences
-
0
(64,138)
Total tax charge
3,311
514,507
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 28 -

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

2023
2022
£
£
(Loss)/profit before taxation
(1,927,343)
3,187,362
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(453,311)
605,599
Tax effect of expenses that are not deductible in determining taxable profit
322,862
134,116
Tax effect of income not taxable in determining taxable profit
-
0
(29,727)
Tax effect of utilisation of tax losses not previously recognised
85,740
-
0
Permanent capital allowances in excess of depreciation
(1,994)
(4,052)
Amortisation on assets not qualifying for tax allowances
-
0
32,705
Other permanent differences
48
14
Effect of overseas tax rates
109,874
(218,445)
Differences in deferred tax rate
(337)
1,802
Other adjustments
39
-
0
Deferred tax movement not recognised
5,627
(7,505)
Tax credit from carrying back loss to prior year
(86,175)
-
Current year losses carried back
20,938
-
Taxation charge
3,311
514,507
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
129,153
703,153
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
2,118,328
Additions
66,733
Other movements
(1,995,618)
At 31 December 2023
189,443
Amortisation and impairment
At 1 January 2023
284,145
Amortisation charged for the year
12,511
Other movements
(217,797)
At 31 December 2023
78,859
Carrying amount
At 31 December 2023
110,584
At 31 December 2022
1,834,183
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

Goodwill 'other movements' relates to a change in goodwill following the change of control over Salt APAC Pte Limited.

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
305,464
171,071
823,587
1,300,122
Additions
-
0
36,908
46,864
83,772
Disposals
-
0
(13,328)
(25,049)
(38,377)
Transfers
(297,456)
(73,651)
(133,383)
(504,490)
At 31 December 2023
8,008
121,000
712,019
841,027
Depreciation and impairment
At 1 January 2023
35,718
82,456
616,807
734,981
Depreciation charged in the year
-
0
20,783
58,095
78,878
Eliminated in respect of disposals
-
0
(10,286)
(8,393)
(18,679)
Transfers
(27,710)
(42,150)
(77,357)
(147,217)
At 31 December 2023
8,008
50,803
589,152
647,963
Carrying amount
At 31 December 2023
-
0
70,197
122,867
193,064
At 31 December 2022
269,746
88,615
206,780
565,141
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
514,256
1,828,940
Investments in associates
16
987,669
-
1,645,896
-
0
987,669
-
0
2,160,152
1,828,940

 

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023
-
Change of control over group undertaking
1,951,261
Dividends received from associate
(379,601)
Share of losses of associates
(583,991)
At 31 December 2023
987,669
Carrying amount
At 31 December 2023
987,669
At 31 December 2022
-

The change of control over group undertakings amounting to £1,951,261 relates to the change of control over Salt APAC Pte Limited during the year. Of this amount, £665,107 relates to implicit goodwill which is being amortised over its remaining useful life of 8.5 years. At the balance sheet date, the carrying value of the implicit goodwill was £586,858.

Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023
1,828,940
Additions
331,212
At 31 December 2023
2,160,152
Carrying amount
At 31 December 2023
2,160,152
At 31 December 2022
1,828,940
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Salt Contracts Limited
9 Wootton Street, London, SE1 8TG
Recruitment agency
Ordinary
100
-
Salt Recruitment Limited
9 Wootton Street, London, SE1 8TG
Dormant
Ordinary
100
-
Salt Search Limited
9 Wootton Street, London, SE1 8TG
Recruitment agency
Ordinary
100
-
Salt Staffing Inc.
300 Delaware Avenue, Suite 210-A, Wilmington, DE 19801, USA
Recruitment agency
Ordinary
100
-
Salt Europe B.V
Salt Europe B.V, Avenue des Arts 1/3, 1210 Saint Josse Ten Noode, Brussels, Belgium
Recruitment agency
Ordinary
100
-
Recruit Digital Associates (Pty) Limited
305 Manhattan Place, 130 Bree Street, Cape Town , Western Cape 8001, South Africa
Recruitment agency
Ordinary
50
-
Salt Nederland B.V
Nieuwezijds Voorburgwal 162, Office 102, 1012SJ Amsterdam
Recruitment agency
Ordinary
100
-
Salt Deutschland GmbH
Nymphenburger Str. 1, c/o Osborne Clarke, 80335 München
Recruitment agency
Ordinary
100
-
Salt Staffing Canada Limited
2 St Clair Avenue West, Suite 2101, Toronto, Ontario, M4V 1L5, Canada
Recruitment agency
Ordinary
100
-
R4S Recrutamento Especializado Ltda
Rua Visconde de Pirajã, 303, sala 1205, Ipanema, Rio de Janeiro
Holding Company
Ordinary
50
-
R4S Recrutamento Sao Paulo Ltda
Rua Visconde de Pirajã, 303, sala 1205, Ipanema, Rio de Janeiro
Recruitment agency
Ordinary
0
50
Salt Recruitment Holdings Limited
Cloud Desk D08, 11th Floor, Al Sarab Tower, Abu Dhabi Global Market Square, UAE
Holding Company
Ordinary
80
-
Salt HR Consultancy
Retail 7, Trident Bayside, Dubai Marina, Dubai, UAE, PO Box: 112229
Recruitment agency
Ordinary
0
80
Salt Information Technology Consultancy - Sole Proprietorship L.L.C.
Retail 7, Trident Bayside, Dubai Marina, Dubai, UAE, PO Box: 112229
Recruitment agency
Ordinary
0
80
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
16
Associates

Details of the company's associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Salt APAC PTE Limited
13a Mackenzie Road, Singapore 228676
Holding Company
Ordinary
50
0
Salt Search PTY Limited
477 Bay Street, Port Melbourne, Victoria 3207, Austalia
Recruitment Agency
Ordinary
0
50
Salt Search NZ Limited
1 Vinegar Lane, Grey Lynne, Auckland, New Zealand
Recruitment Agency
Ordinary
0
50
Agensi Pekerjaan Salt Search Sdn Bhd
Suite 13,03, 13th Floor, Menara Tan & Tan 207, Jelan Tun Razak, Kuala Lumpar
Recruitment Agency
Ordinary
0
50
Salt Search PTE Limited
20B Gemmill Lane, Singapore 069256
Recruitment Agency
Ordinary
0
50
Rubicor Group PTE Limited
61 Robinson Road, #13-01 Robinson Centre, Singapore 068893
Recruitment Agency
Ordinary
0
50
Rubicor Hong Kong Limited
Room 2401, cc Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong
Recruitment Agency
Ordinary
0
50
Salt Talent Search HK Limited
Room 2401, cc Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong
Recruitment Agency
Ordinary
0
50
GBL Personnel Limited
Level 5, 107 Customhouse Quay, Wellington, 6011, NewZealand
Recruitment Agency
Ordinary
0
50
Salt Search (Thailand) Co Limited
11/1A Sathorn Tower Level, 10th floor, Sathon Rd, Yannawa, Sathorn Bangkok 10120 Thailand
Recruitment Agency
Ordinary
0
50
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,705,485
15,295,141
-
0
-
0
Corporation tax recoverable
202,696
116,742
-
0
-
0
Amounts owed by group undertakings
-
-
432,995
361,662
Other debtors
1,993,527
2,267,002
191
109
Prepayments and accrued income
2,005,673
3,394,536
-
0
-
0
10,907,381
21,073,421
433,186
361,771
Amounts falling due after more than one year:
Corporation tax recoverable
-
0
108,081
-
0
-
0
Amount owed by related parties
734,699
582,146
-
0
-
0
734,699
690,227
-
-
Total debtors
11,642,080
21,763,648
433,186
361,771
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
10,000
29,727
-
0
-
0
Other borrowings
20
3,138,165
5,613,945
-
0
-
0
Trade creditors
879,536
2,864,156
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,819,568
1,666,794
Corporation tax payable
19,401
286,516
-
0
-
0
Other taxation and social security
776,826
2,372,820
-
-
Other creditors
116,332
901,175
-
0
-
0
Accruals and deferred income
2,943,760
4,665,800
-
0
-
0
7,884,020
16,734,139
1,819,568
1,666,794
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
22,253
32,014
-
0
-
0
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
32,253
42,014
-
0
-
0
Bank overdrafts
-
0
19,727
-
0
-
0
Loans from related parties
-
0
887,885
-
0
-
0
Invoice discounting
3,138,165
4,726,060
-
0
-
0
3,170,418
5,675,686
-
-
Payable within one year
3,148,165
5,643,672
-
0
-
0
Payable after one year
22,253
32,014
-
0
-
0

 

Included within loans are amounts owed under an invoice finance facility, which are secured over the trade debtors to which the contracts relate. The facility in respect of certain countries is secured by a debenture dated 10th January 2017 over the assets of Salt Search Limited, Salt Contracts Limited and Salt Staffing Inc., and by a guarantee from Salt Recruitment Group Limited. The amounts owed under the agreements at 31 December 2023 was £3,138,165 (2022: £3,374,929).

 

Loans from related parties relate to loans from shareholders.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,922
405,833

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.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon. Deferred tax is recognised at 25% (2021: 25%).

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
13,619
13,619
Cash basis timing difference in foreign subsidiaries
42,511
42,511
56,130
56,130
The company has no deferred tax assets or liabilities.
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 36 -
There were no deferred tax movements in the year.
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary O1 shares of 10p each
5,700
5,700
570
570
Ordinary O2 shares of 10p each
5,700
5,700
570
570
Ordinary A1 shares of 10p each
760
760
76
76
Ordinary A2 shares of 10p each
760
760
76
76
Ordinary A3 shares of 10p each
304
304
30
30
13,224
13,224
1,322
1,322

All shares carry full voting and dividend rights. On a return of assets, distributions are defined in the company's Articles of Association.

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
2023
2022
2023
2022
£
£
£
£
Within one year
275,933
774,100
191,401
191,460
Between two and five years
214,015
910,810
214,015
406,000
489,948
1,684,910
406,000
597,460

 

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

 

(Continued)
- 37 -
25
Related party transactions
During the year, the group entered into transactions with related parties. Transactions entered into, and balances outstanding as at year end are as follows:
Purchases from related party
Sales to related party
Advances from related party
Advances made to related party
Amounts owed to related party
Amounts owed by related party
Transactions with and balances due from related parties by virtue of common shareholders and directors
2023
-
-
-
-
-
1,657,362
2022
-
-
-
-
-
1,657,362
Transactions with and balances due from a shareholder
2023
-
-
-
225,000
-
225,000
2022
-
-
-
-
-
-
Transactions with and balances due from associates
2023
-
-
-
-
-
318,712
2022
-
-
-
-
-
-

The amounts owed by related parties above are included within other debtors.

 

The balances due from related parties by virtue of common shareholders and directors are unsecured, bear an interest rate of 1.50% over the Bank of England Base Rate, and are due for repayment on dates between 1 and 30 months after drawdown.

 

The balances due from a close family member of a shareholder bear no interest and are repayable on demand.

 

The balances due from associates bear no interest and are repayable on demand.

 

At the balance sheet date a shareholder owed the group £225,000 (2022: £150,000).

 

At the balance sheet date the group was owed £94,522 (2022: £nil) from a director and shareholder of one of the group's subsidiaries.

 

During the year, the group paid key management personnel other than directors £222,828 (2022: £371,200) for services.

 

Company

As permitted by FRS 102, the company has taken advantage of paragraph 33.1A, and not disclosed transactions between wholly-owned members of the group.

 

Dividends amounting to £703,153 (2021: £112,884) were paid to the shareholders in the year.                    

                                

SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
26
Controlling party

At 31 December 2023 there was no overall controlling party.

27
Share based payments

The company has granted options under an Enterprise Management Incentive Scheme. Share options granted from time to time are placed in the employee's hands until exercise or expiry. Options remaining unexercised after a period of 10 years from the date of grant expire. Furthermore, share options are forfeited if the employee leaves the company before the options vest,

 

At the balance sheet date, the total number of shares issuable under outstanding options are 532 Ordinary A3 shares (2022: 532 Ordinary A3 shares) of £0.10 each at a purchase price of £23 per share; 342 Ordinary A3 (2022: 342 Ordinary A3 shares) of £0.10 each at a purchase price of £70.70 per share; and 152 Ordinary A4 shares (2022: 152 Ordinary A4 shares) of £0.10 each at a purchase price of £70.70 per share.

28
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,930,654)
2,672,855
Adjustments for:
Share of results of associates and joint ventures
583,991
-
Taxation charged
3,311
514,507
Finance costs
334,549
401,109
Investment income
(7,766)
(12,275)
Amounts written off related company loan
-
0
671,797
Loss on disposal of fixed assets
-
8,202
Amortisation and impairment of intangible assets
12,511
172,134
Depreciation and impairment of tangible fixed assets
78,878
263,770
Movements in working capital:
Decrease/(increase) in debtors
4,378,605
(5,193,792)
(Decrease)/increase in creditors
(2,192,268)
1,984,011
Cash generated from operations
1,261,157
1,482,318
SALT RECRUITMENT GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
29
Analysis of changes in net debt - group
1 January 2023
Cash flows
Change of control of subsidiary to associate
Exchange rate movements
31 December 2023
£
£
£
£
£
Cash at bank and in hand
2,060,085
268,020
(1,244,287)
(464,342)
619,476
Bank overdrafts
(19,727)
19,727
-
-
-
0
2,040,358
287,747
(1,244,287)
(464,342)
619,476
Borrowings excluding overdrafts
(5,655,959)
246,525
2,239,016
-
(3,170,418)
(3,615,601)
534,272
994,729
(464,342)
(2,550,942)
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