Company registration number 04365672 (England and Wales)
KIND MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KIND MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
W H Bassenger
A W Battle
Secretary
F Ahmad
Company number
04365672
Registered office
Bridge House
530 High Road
Leytonstone
London
United Kingdom
E11 3EQ
Auditor
Henton & Co LLP
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
KIND MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 27
KIND MANAGEMENT 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

The Group was unable to increase its turnover in comparison to the previous year. This was considered to be disappointing but with jobs where the Group was the preferred contractor being cancelled and ongoing delays impacting on commencement on several secured contracts it was felt to be inevitable. However, despite this, Gross Profit was increased from the previous year.

 

The directors believe the result for the year to be disappointing but not unexpected given the difficulties faced within the construction industry as well as the wider economy.

 

The directors are expecting to see improvements in trading during 2025 albeit the same issues are repeating from previous years. Since the date of the Balance sheet we have six schemes where we are preferred contractor / limited PCSAs in place, along with smaller schemes that have either started already or are expected to start. This leaves the Group with a healthy order book covering the latter part of 2025 and throughout 2026. New opportunities continue to present themselves on a regular basis.

 

The directors believe the performance indicators noted below give a brief overview of the company's position.

 

 

 

 

2024

2023

2022

 

 

 

 

 

Turnover

 

£40.3m

£41.6m

£42.7m

 

 

 

 

 

Turnover increase/(decrease)

 

(£1.3)m

(£1.1)m

£3.4m

 

 

 

 

 

Turnover increase/(decrease) %

 

(3.1)%

(2.6)%

8.7%

 

 

 

 

 

Gross profit

 

£6.0m

£5.8m

£6.1m

 

 

 

 

 

Gross profit %

 

14.9%

13.9%

14.3%

 

 

 

 

 

Current ratio

 

1.08:1

1.07:1

1.06:1

 

 

 

 

 

Debtor days

 

55

54

56

 

 

 

 

 

Projects started

 

3

5

5

 

The Group continues to maintain a comfortable excess of current assets over current liabilities, with good cash flow and working capital management and no reliance on external finance arrangements.  Debtor days are consistent with expectations in the construction industry.

 

We continue through our Passivhaus journey, completing our first three schemes and achieving Passive House Certification, with three more still on site making six in total, which continues to extend the experience in this area. The directors are confident this experience together with two award winning schemes (one a multi award winner) is providing the Group with a competitive edge in a market that is expanding and will help maintain a stable position over the next few years.

KIND MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

 

Business Risk

The directors consider that the Groups principal business risk is failing to win new contracts which will generate sufficient profits. The Group has a number of sources for new work and a healthy order book featuring new clients and repeat business for existing clients.

 

The Group also faces the normal risks which exist for building contractors, such as site health and safety. These risks are not judged to be of a material nature as the Group has good health and safety procedures and is adequately insured.

 

As with all companies which have a defined benefit pension scheme, the Group has an ongoing level of risk associated with the funding the scheme which is continually under review with the Group's advisors.

 

Liquidity Risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Credit Risk

The Group places its cash with creditworthy institutions and performs ongoing credit evaluations of its debtors' financial position. New customers who wish to enter into contracts with the company are subject to credit verification procedures and relevant guarantees and undertakings are sought where appropriate. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

 

The carrying amount of cash and debtors represent the maximum credit risk that the Group is exposed to.

On behalf of the board

W H Bassenger
Director
12 August 2025
KIND MANAGEMENT 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 company and group continued to be that of a building contractor. Kind Management Limited is the group's holding company.

Results and dividends

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

No ordinary dividends were paid. 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:

W H Bassenger
A W Battle
Qualifying third party indemnity provisions

The group has indemnified, by means of Directors' and Officers' liability insurance, one or more Directors of the group against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and is in force as at the date of approving the Directors' Report.

Research and development

The group is involved in a variety of research and development projects across a number of its sites, as it seeks to improve efficiencies and health and safety across the construction industry.

Auditor

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

Statement of directors' responsibilities

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

 

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

 

 

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

KIND MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
W H Bassenger
Director
12 August 2025
KIND MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIND MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Kind Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

KIND MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIND MANAGEMENT LIMITED
- 6 -
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.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the group's and the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the group's and the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the group's and the company's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the group and the company operate in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group and the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and applicable tax legislation.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance concerning compliance with such laws and regulations and any actual or potential litigation or claims; inspection of minutes and relevant legal correspondence; 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.

KIND MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIND MANAGEMENT LIMITED
- 7 -

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.

Stuart Heaney (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
12 August 2025
KIND MANAGEMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
40,346,610
41,558,255
Cost of sales
(34,303,047)
(35,726,392)
Gross profit
6,043,563
5,831,863
Administrative expenses
(5,784,368)
(5,680,414)
Other operating income
12,754
16,302
Operating profit
4
271,949
167,751
Interest receivable and similar income
7
18,021
11,877
Interest payable and similar expenses
8
-
0
(23,676)
Profit before taxation
289,970
155,952
Tax on profit
9
(62,375)
(24,622)
Profit for the financial year
227,595
131,330
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
KIND MANAGEMENT LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
63,786
93,802
Tangible assets
11
112,430
81,793
176,216
175,595
Current assets
Stocks
14
1,307,383
1,948,211
Debtors
15
9,238,362
9,777,392
Cash at bank and in hand
4,092,670
1,139,875
14,638,415
12,865,478
Creditors: amounts falling due within one year
16
(13,575,216)
(12,029,253)
Net current assets
1,063,199
836,225
Total assets less current liabilities
1,239,415
1,011,820
Provisions for liabilities
Deferred tax liability
17
8,794
8,794
(8,794)
(8,794)
Net assets
1,230,621
1,003,026
Capital and reserves
Called up share capital
18
76
76
Capital redemption reserve
34
34
Profit and loss reserves
1,230,511
1,002,916
Total equity
1,230,621
1,003,026

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
12 August 2025
W H Bassenger
Director
Company registration number 04365672 (England and Wales)
KIND MANAGEMENT LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,511,528
1,511,528
1,511,528
1,511,528
Current assets
Debtors
15
9,668
10,801
Cash at bank and in hand
29,754
29,628
39,422
40,429
Creditors: amounts falling due within one year
16
(1,514,591)
(1,515,553)
Net current liabilities
(1,475,169)
(1,475,124)
Net assets
36,359
36,404
Capital and reserves
Called up share capital
18
76
76
Capital redemption reserve
34
34
Profit and loss reserves
36,249
36,294
Total equity
36,359
36,404

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £45 (2023 - £6,656 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
12 August 2025
W H Bassenger
Director
Company registration number 04365672 (England and Wales)
KIND MANAGEMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
76
34
871,586
871,696
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
131,330
131,330
Balance at 31 December 2023
76
34
1,002,916
1,003,026
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
227,595
227,595
Balance at 31 December 2024
76
34
1,230,511
1,230,621
KIND MANAGEMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
76
34
29,638
29,748
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
6,656
6,656
Balance at 31 December 2023
76
34
36,294
36,404
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(45)
(45)
Balance at 31 December 2024
76
34
36,249
36,359
KIND MANAGEMENT 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/(absorbed by) operations
25
2,962,816
(1,456,061)
Interest paid
-
0
(23,676)
Income taxes (paid)/refunded
(4,691)
59,922
Net cash inflow/(outflow) from operating activities
2,958,125
(1,419,815)
Investing activities
Purchase of tangible fixed assets
(66,514)
(33,361)
Proceeds from disposal of tangible fixed assets
43,163
28,235
Interest received
18,021
11,877
Net cash (used in)/generated from investing activities
(5,330)
6,751
Net increase/(decrease) in cash and cash equivalents
2,952,795
(1,413,064)
Cash and cash equivalents at beginning of year
1,139,875
2,552,939
Cash and cash equivalents at end of year
4,092,670
1,139,875
KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Kind Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bridge House, 530 High Road, Leytonstone, London, E11 3EQ.

 

The group consists of Kind Management 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
Basis of consolidation

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

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.3
Going concern

The directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future. The directors consider that the group will be able to generate and maintain sufficient levels of cash in order to meet its liabilities as they fall due for a period of at least twelve months from the date when the financial statements were authorised for issue. The group therefore continues to adopt the going concern basis in preparing its financial statements.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is measured at the fair value of the consideration received from the value of long-term contract work completed, and is stated net of discounts and value added tax.

 

The group recognises turnover when the risks and rewards of ownership have transferred to the buyer, usually on the completion of a contract, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

 

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated on a cost completion basis. Full provision is made for losses on all contracts in the year in which they are first foreseen.

1.5
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the piecemeal acquisition of a business between 2001 to 2009, is being amortised evenly over the directors' estimate of its useful life of 20 years. Goodwill represents the difference between the cost of acquisition and the fair values of attributable assets and liabilities at the dates of acquisition.

1.6
Tangible fixed assets

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

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
3 to 7 years on cost
Office equipment
3 to 7 years on cost
Motor vehicles
25% on cost

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

1.7
Fixed asset investments

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

1.8
Stocks

Work in progress is valued at direct cost less amounts transferred to the profit and loss account in respect of work carried out, less foreseeable losses and payments on account. Direct cost is calculated as the cost of raw materials, subcontractors, direct labour and other building costs but excludes indirect overheads and interest.

 

Building material stocks relating to building contracts are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in first out basis. Estimated selling price less costs to complete and sell represents the amount recoverable on eventual sale less any costs incurred in getting the materials from their current location and condition.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Cash and cash equivalents

Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk to changes in value.

1.10
Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

1.11
Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

 

The directors periodically evaluate the position taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. They establish provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in the periods different from those in which they are recognised in the financial statements.

 

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing differences.

1.12
Retirement benefits

Kind & Co. (Builders) Limited, the subsidiary undertaking, participates in two pension schemes:

 

- a defined contribution scheme (the "stakeholder" scheme)

- a defined benefit scheme (the "multi-employer" scheme) which is accounted for in the group's

financial statements as a defined contribution scheme in accordance with FRS 102: Section 28 -

Employee Benefits

 

The assets of each scheme are held separately from those of the company.

 

Contributions payable to the "stakeholder" scheme for the year are charged in the profit and loss account in the period to which they relate.

 

Contributions to the "multi-employer" scheme are paid as recommended by the scheme's actuary and are charged to the profit and loss account in the period they are paid. When the scheme is in deficit the participating employer companies recognise a liability for payments due under the recovery plan.

 

The company also makes contributions to the personal pensions of certain directors and employees.

1.13
Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals applicable to operating leases where substantially all of the benefits of ownership remain with the lessor are charged to profit and loss account on a straight line basis over the term of the lease.

1.14

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method, less any impairment.

1.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.16

Employee Ownership Trust

The Kind Management Employee Ownership Trust holds shares in Kind Management Limited for the benefit of all employees of the group. The trust was set up in accordance with the requirements of Section 37 to the Finance Act 2014 as an "Employee Ownership Trust" (EOT) and consequently is not required to consolidate its figures into the financial statements of Kind Management Limited.

 

The cost of operating the EOT are included in the profit and loss account of the parent and group company accounts.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
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.

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.

The directors have made key assumptions regarding the stage of completion, future costs to complete and recoverability of costs of long term contracts.

The directors make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3
Turnover and other revenue

The turnover and profit before taxation are attributable to the one principal activity of the group. The turnover has all arisen in the United Kingdom.

2024
2023
£
£
Other revenue
Interest income
18,021
11,877
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
5,250
5,250
Depreciation of owned tangible fixed assets
35,877
74,443
Profit on disposal of tangible fixed assets
(43,163)
(21,620)
Amortisation of intangible assets
30,016
35,418
Operating lease charges
136,000
136,000
KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
2
2
Directors of subsidiary only
3
2
-
-
Administration
56
59
-
-
Site staff
44
49
-
-
Total
105
112
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,215,308
6,129,445
-
0
-
0
Social security costs
630,451
664,168
-
-
Pension costs
389,352
204,841
-
0
-
0
7,235,111
6,998,454
-
0
-
0

Further details about the company's pension commitments, including contributions paid under the recovery plan for the multi-employer defined benefit scheme, are included in notes 23 and 24 to the financial statements.

 

Included within the other pension costs charge are:

2024
2023
£
£
"Stakeholder"  scheme - normal contributions
297,683
301,861
"Multi-employer" scheme - additional funding agreed
-
(160,000)
"Multi-employer" - administration costs
69,894
34,469
Contributions to personal pension schemes
21,775
28,511
389,352
204,841
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
117,359
195,999

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 2).

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
18,021
11,877
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
23,676
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
62,375
7,083
Adjustments in respect of prior periods
-
0
(26,601)
Total current tax
62,375
(19,518)
Deferred tax
Origination and reversal of timing differences
-
0
44,140
Total tax charge
62,375
24,622
KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
289,970
155,952
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
72,493
38,988
Tax effect of expenses that are not deductible in determining taxable profit
12,137
13,564
Tax effect of utilisation of tax losses
(10,395)
(4,550)
Unutilised tax losses carried forward
-
0
1,981
Effect of change in corporation tax rate
-
75
Amortisation on assets not qualifying for tax allowances
7,504
8,855
Under/(over) provided in prior years
-
0
(26,601)
Tax at marginal rate
-
0
(363)
Deferred tax
-
0
44,140
Relief for pension funding payments
-
0
(55,000)
Depreciation in excess of capital allowances
(19,364)
3,533
Taxation charge
62,375
24,622
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
896,945
Amortisation and impairment
At 1 January 2024
803,143
Amortisation charged for the year
30,016
At 31 December 2024
833,159
Carrying amount
At 31 December 2024
63,786
At 31 December 2023
93,802
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Tangible fixed assets
Group
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
461,554
418,881
35,874
916,309
Additions
64,005
2,509
-
0
66,514
At 31 December 2024
525,559
421,390
35,874
982,823
Depreciation and impairment
At 1 January 2024
410,160
388,482
35,874
834,516
Depreciation charged in the year
20,487
15,390
-
0
35,877
At 31 December 2024
430,647
403,872
35,874
870,393
Carrying amount
At 31 December 2024
94,912
17,518
-
0
112,430
At 31 December 2023
51,394
30,399
-
0
81,793
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,511,528
1,511,528
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,511,528
Carrying amount
At 31 December 2024
1,511,528
At 31 December 2023
1,511,528
KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kind & Co. (Builders) Limited
Bridge House, 530 High Road, Leytonstone, London, E11 3EQ
Building contractor
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
-
6,725
-
-
Work in progress
1,307,383
1,941,486
-
-
1,307,383
1,948,211
-
-
Long term contract balances
132,822,711
148,231,843
Less: Amounts transferred to
profit and loss account
(131,515,328)
(146,290,357)
Work in progress
1,307,383
1,941,486
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,366,846
5,382,917
-
0
-
0
Amounts recoverable on contracts
1,892,555
1,982,603
-
0
-
0
Corporation tax recoverable
2,902
6,089
2,902
6,089
Other debtors
300,480
216,672
4,797
4,712
Prepayments and accrued income
1,675,579
2,189,111
1,969
-
0
9,238,362
9,777,392
9,668
10,801

Trade debtors includes £1,317,019 (2023: £1,271,714) which is recoverable after more than one year.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
12,740,694
10,758,755
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,508,591
1,509,553
Corporation tax payable
65,897
11,400
-
0
-
0
Other taxation and social security
176,531
812,610
-
-
Other creditors
463,094
322,187
-
0
-
0
Accruals and deferred income
129,000
124,301
6,000
6,000
13,575,216
12,029,253
1,514,591
1,515,553
17
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
8,794
8,794
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.001p each
76,000
76,000
76
76
19
Financial commitments, guarantees and contingent liabilities

The subsidiary is subject to the normal post-sales contingencies attaching to building contractors.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
20
Operating lease commitments

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
136,000
136,000
-
-
Between two and five years
2,337
2,236
-
-
138,337
138,236
-
-
21
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
6,000
6,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
7,010
7,010
22
Ultimate controlling party

No single party has had ultimate control of the company during the current or the previous year.

 

On 7th September 2020, 75% of the share capital of the company was acquired by the Kind Management Limited Employee Ownership Trust.

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
23
Pension Commitments

The Kind & Co (Holdings) Limited 1972 Pension and Life Assurance Scheme (the "Scheme") is a multi-employer defined benefit scheme. Kind & Co (Builders) Limited is the Scheme's principal employer and Kind & Co. (Holdings) Limited is the other associated employer. The scheme's trustees and members approved the cessation of further accruals to members' benefits with effect from 30th November 2007.

 

The assets of the Scheme are held under trust within a non-segregated fund. It has not been possible for the assets of the Scheme to be allocated to each participating employer company on a reasonable and consistent basis.

 

In accordance with paragraph 28.11 of FRS 102 Section 28 - Employee Benefits, each employer should account for its contributions to the Scheme as if it were a defined contribution scheme and disclose any available information about the surplus or deficit.

 

Contributions to the Scheme are determined on the basis of triennial actuarial valuations carried out by an independent, qualified actuary. The Scheme funding levels are assessed by measuring the extent to which the scheme's assets are sufficient to meet the members' accrued benefits on two separate bases:

 

Ongoing Basis - assumes the scheme will continue in existence for the indefinite future, and commutation of pensions will be financially neutral, i.e. that the option of taking cash at retirement will be worth the same as the alternative pension.

 

Solvency Basis - assumes the scheme is terminated and benefits are purchased from an insurance company.

 

Full actuarial valuation

 

The results of the most recent full actuarial valuation of the scheme, carried out as at 31st March 2023 under Rule 19 (2) of the Trust Deed and Rules dated 25 June 2001 and Section 224 of the Pensions Act 2004, were as follows:

 

 

 

Ongoing basis

 

Solvency basis

 

 

 

 

 

Present value of the scheme's liabilities

 

£6,221,000

 

£7,503,000

Market value of the scheme's assets

 

£6,412,000

 

£6,420,000

 

 

 

 

 

Surplus/(deficit)

 

£191,000

 

1,083,000)

 

 

 

 

 

Funding level (March 2023 valuation)

 

103%

 

86%

 

 

 

 

 

Funding level (March 2020 valuation)

 

92%

 

62%

 

The following actuarial assumptions were applied to the current/(previous) valuation:

 

Discount rate before and after retirement

 

4.10% per annum (2.00%)

RPI inflation

 

3.26% per annum (2.76%)

CPI inflation

 

-0.70% per annum (2.06%)

Pension increases in deferment

 

-0.70% per annum (2.06%)

 

Pension increases in payment

 

 

Pre April 1988

 

0.00% per annum (0.00%)

Between April 1988 and April 1997

 

2.17% per annum (1.87%)

Between April 1997 and April 2005

 

3.16% per annum (2.73%)

Post April 2005

 

2.20% per annum (2.03%)

KIND MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
24
Pension commitments - Continued

Assumptions relating to pre and post retirement mortality are in accordance with published actuarial tables.

 

The expenses of running the Scheme, including any contributions due, are to be met by the participating employer companies.

 

The most recent actuarial valuation indicated that the scheme's assets are expected to be sufficient to meet the benefits which have accrued to members and there is no longer a requirement to provide for the contributions agreed as payable by the participating employer companies.

25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
227,595
131,330
Adjustments for:
Taxation charged
62,375
24,622
Finance costs
-
0
23,676
Investment income
(18,021)
(11,877)
Gain on disposal of tangible fixed assets
(43,163)
(21,620)
Amortisation and impairment of intangible assets
30,016
35,418
Depreciation and impairment of tangible fixed assets
35,877
74,443
Movements in working capital:
Decrease in stocks
640,828
160,435
Decrease in debtors
535,843
192,595
Increase/(decrease) in creditors
1,491,466
(2,065,083)
Cash generated from/(absorbed by) operations
2,962,816
(1,456,061)
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,139,875
2,952,795
4,092,670
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