Company registration number 11852341 (England and Wales)
8BUILD GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8BUILD GROUP LIMITED
COMPANY INFORMATION
Directors
N.J.W Bellamy
L.H. Hammond
M.J.F Mannion
P.R. Norman
S.J Oakford
C. Raison
A.R Tooley
Company number
11852341
Registered office
64 Leman Street
London
E1 8EU
Auditor
Citroen Wells
Chartered Accountants
Devonshire House
1 Devonshire Street
London
W1W 5DR
Bankers
Barclays Bank Plc
167 High Street
Bromley
BR1 1NL
Solicitors
DAC Beachcroft LLP
25 Walbrook
London
EC4N 8AF
Ince Gordon Dadds LLP
Aldgate Tower
2 Leman Street
London
E1 8QN
8BUILD GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 8
Directors' report
9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Group income statement
14
Group statement of comprehensive income
15
Group statement of financial position
16
Company statement of financial position
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 38
8BUILD GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Principal activity
The principal activity of the group in the year under review remains that of property fit out, new build and refurbishment.
The group is strongly represented in the following sectors:
Life Sciences
Commercial Office Fit Out/Commercial Developer
Arts and Leisure
Historic Buildings
Aviation
Healthcare
Higher education
The year 2022/2023 was one of extremes with the completion of some magnificent projects of very high quality of which the teams are rightly very proud. However, the market challenges remain; Brexit and Covid legacies, wars and high inflation all of which lead to market uncertainty and confusion.
Review of the business
The detailed results and the financial position of the group are as shown in the financial statements.
The turnover for the year was below budget, however still increased by 4.3% on the previous year, totalling £123m (2022: £118m). The fact that there was no significant increase in the year was largely due to project delays, and prolonged PCSA periods whilst market uncertainty appeared to cause understandable client caution. Despite this, the company realised a good profit position, which is a magnificent improvement over the last year and a great bounce back from the Covid years.

However, as with the previous trading year, the Directors have chosen to exercise a prudent approach to their reporting. There remains a financially unresolved legacy project which is the subject of an outstanding claim. Whilst the directors consider that 8build holds a very strong position in regard to the claim, due to the passage of time, they have decided to materially reduce the value of the provision contained within these accounts, resulting in a much-reduced trading profit for the year. However, we are still delighted to report an overall profit position for the year of £1.7m (2022: £0.3m). It reflects the hard work of all our staff and industry partners and the high quality of work they have achieved. It also gives a solid foundation to face the rigors ahead.
Our forward order book sits at £120m at the start of the next financial year and a high percentage of this work is due to be delivered during the next twelve months. For this reason, we have increased our turnover budget for the next financial year. We recognise that this will be a challenge. The market is very unsettled and with a vast number of current uncertainties it is very hard to determine any future outcomes.  Profit in particular will be very much under pressure.

Confidence grew in 2022/2023 as many of our projects were finalists in many prestigious industry awards including Mixology, BCO (regional and national), AJ Retrofit and FX Awards. Three 8build projects made the final of the Mixology Awards and we are also finalists in the Construction News Awards for Contractor of the Year (T/O <£500m). The outcome of many of these awards are yet to be concluded but it is wonderful for so many of our projects to be recognised in this way.
The group continues its excellent working capital management with no bad debts and a yearend position which holds its own, despite the market conditions. Cash balances are £14.9m (2022: £13.2m) and retained earnings have increased to £9.2m (2022: £7.7m). The group has benefitted from the rise in interest rates. With no long-term borrowing and a healthy cash reserve, the finance team have been able to capitalize by placing surplus funds on treasury reserve and this approach is working well as we move from one year to the next.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
We continue to benefit from the employment of design managers who have significantly enhanced our offering to clients who seem to appreciate this more holistic approach. We pride ourselves upon our stakeholder relationships which are at the core of our business practices.

We have also seen a significant engagement within the Cambridge community which has assisted in our winning a number of projects in Cambridge to be delivered over the next 12 - 18 months.
Notable project successes during the year include the following, many of which are still ongoing:
Revenue
Project Fox – new build
£20m
Global Life Sciences
£2m
British Land Sheldon Square
£33m
Fitzroy Street
£35m
Perella Weinberg (repeat client)
£1.5m
Research Laboratory
£10m
Additional projects in aviation
£4m
GPE – Egyptian House
£20m
Kings College
£5m
Shakespeare House
£3m
We are disappointed to report that our sales for the first quarter of 2023/2024 are down over the same period last year, but we do have a solid order book in hand and quite a number of PCSA's to convert. This will change the landscape. However, we are aware that sales must be our focus over the months ahead. We are confident that we can cope with the challenges ahead and the strength of our repeat business and collaborative nature will stand us in good stead.
Revenue of £109m is already secured for 2023/2024 and with a total forward order book of £120m, there are positive signs for a longer income horizon and increased security. However, the group aims to engage in projects of mixed project length which most effectively employs the different skill sets and divisions within the business.
The directors' strategy for this year is to manage these incredibly difficult market conditions whilst the economy recovers from the pandemic, material and staff shortages and substantial inflationary pressures. They will continue to focus on securing the long-term future of the business and strengthening the group balance sheet, building on the proven business platform they have created whilst acting morally, sustainably and supportively in dealings with all parties.
Dividends
The results for the year and the state of the group's affairs are set out in the attached financial statements.
The directors declared an interim dividend of £1 per B share in December 2022. No dividend was declared for the A shares.
No further dividend is to be paid or declared for this financial year.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Directors
The directors set out in the table below have held office from 1 April 2022 to the date of this report.
The beneficial interests of the directors holding office at 31 March 2023 in the shares of the company, according to the register of directors' interests, were as follows:
Ordinary A shares of 25p each
31 March 2023
31 March 2022
N. J. W. Bellamy
608
608
M. J. F. Mannion
1,013
1,013
S. J. Oakford
608
608
A. R. Tooley
273
273
P. R. Norman
253
253
L. H. Hammond
74
74
C. Raison
20
20
L. H. Hammond and C. Raison also hold beneficial interests in the Ordinary B shares of 1p.
Policy on payment of creditors
The group's ethos and policy continues to be to agree fair payment terms with all suppliers. It is the group's policy to then pay suppliers according to the agreed terms and conditions. In an effort to confirm our commitment to sub-contractors and suppliers, the group has signed up to the Government's Prompt Payment Code which is managed by the Institute of Credit Management. We believe that our track record for prompt payment is good, and we endeavour to treat our supply chain fairly and with respect.
Creditors include retention amounts held until the expiration of the defect liability period on a project.
Charitable donations
During the year the group made the following charitable donations:
31 March 2023
31 March 2022
£
£
Donations to medical charities
1,228
1,926
Donations to children's charities
497
589
Donations to charities helping the homeless
9,081
6,646
Donations to arts charities
-
275
10,806
9,436
Principal risks and uncertainties
The management of the business and the execution of its strategy are subject to a number of risks. The key risks and uncertainties affecting the company are considered to relate to:
Uncertainty of the current economic climate in these challenging times and the effect of rising inflation and interest rates.
Competition in the marketplace, including the current economic outlook and strength of the market for the services offered.
The effect of market forces on the supply chain and impact on labour and material supplies, including ongoing Brexit challenges and implications for a prolonged war in Ukraine.
Retention and recruitment of high-quality staff.
Client and sub-contractor financial stability, especially against the economic backdrop.
Client appetite for material contracts whilst the economic uncertainties prevail.
Health and safety of staff and suppliers as detailed below in the health and safety section of this report.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Health and safety
The directors consider health and safety to be a key priority, taking all reasonable measures to conduct business in a way that ensures the health, safety and welfare of all employees and other individuals who are affected by the group's activities. Training is paramount and all staff, no matter which department they work in, receive full health and safety training.
The group's Accident Incident Rate (AFR) is comparable to the best in the construction industry. For the year to 31 March 2023 8build had one reportable accident during 1.625 million man-hours worked, this yields an AFR of 0.06. This is the desirable position and one which we will strive tirelessly to improve upon. One reportable accident is one too many.
During the year 8build invested in a stronger digital presence with the introduction of various apps. The most critical of these was the project health & safety app. It allows real time reporting and recording of all incidents and near misses. In a recent BSI audit, it was heralded as the best reporting tool that the auditor had seen, which was immensely gratifying.

This app also includes project reviews which streamline the entire project reporting procedure, and a supply chain app. This is a collaborative platform which monitors the performance of the supply chain.

We continue with our concern and support of mental health and wellbeing initiatives. We have encouraged more mental health and well being training during the year and have partnered with the Lighthouse Charity mentioned below to strengthen our commitment by support of their valuable work.
Corporate social responsibility
This year sees our 10-year anniversary as partners to the construction industry charity, CRASH. It is a charity we hold in high regard and will continue to support moving forward. 8builders themselves have raised nearly £9k towards the charity and it is one in which the entire company is invested. In addition, we have recently pledged our support to The Lighthouse Charity and look forward to a similar partnership wth them over the coming years.

Our brilliant 8builders have run, jumped, cycled, rowed, climbed and swum for many charities including Shout 85258, Zero Suicide Alliance, CALM, LandAid, AHOY, Alzheimer's Charity, Mind and, of course, CRASH.  The staff are more committed than ever to good causes.

One of our site teams has also refurbished a Boxing Gym, completing general refurbishments including sanitary ware and tea point replacement as well as repairing damage caused by a water leak – and all free of charge!

The year has also seen an increase in work experience students. We have reached 230 student hours and welcomed young people from all backgrounds and walks of life into our doors.
Environmental and Sustainability policies
8build is committed to minimising the impact the group has upon the environment and constantly seeks to improve its impact and act in a sustainable fashion. In this financial year 8build continued to recycle 98% of its total waste; this amounted to 1.85 million kilograms.
We are committed to actions that preserve and restore the environment, including waste and emissions, saving energy, recycling materials and conserving resources. We aim to protect the natural environment and minimise the release of harmful greenhouse gasses through good management and adopting best practice wherever possible.

We aspire to make sustainability ‘business as usual' at 8build and during the year have helped to develop project initiatives such as rainwater harvesting and blue and green roofs.  

We aim to reuse and repurpose as much as we possibly can. Our site signage is now fully recyclable, and we are partnering with a company to provide recyclable personal protective equipment.

8build has moved to 100% renewable energy over all locations over which it has control, primarily its Head Office in Leman Street.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8build continues to operate fully in line with the company Environmental Management System under ISO 14001:2015. Upon further investigation into Energy and Carbon reporting, the Board have decided to enhance their policy to encompass energy. 8build has developed a new Environmental and Energy Policy which supports our new Carbon Reduction Policy.
To achieve this, the group has:
Complied with, and where possible exceeded, all statutory and legal requirements;
Aimed to eliminate unnecessary waste in our systems and processes, such as minimising our use of natural resources and managing activities to minimise the risk of pollution and contamination;
Provided leadership and promoted and supported industry best practice;
Ensured the involvement and training of our people to increase their awareness of environmental impact;
Promoted a sustainable approach to business, in partnership with our clients and other stakeholders, by conserving energy, minimising consumption, preferring low pollution materials, maximising efficiencies, and implementing the Waste Management Hierarchy;
Used our Environmental and Energy Management Systems to ensure we integrate sustainability considerations into our business decisions and set clear targets and objectives within our business planning, committing to continual improvement to enhance our environmental and energy performance;
Complied with all of our customer requirements; and
Ensured our key supply chain demonstrate compliance and use sustainably resourced products where possible.
8build's full environmental policy can be found on the website at www.8build.co.uk.
Employment policy
The group supports equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on any grounds. The directors' policy is to treat all employees, job applicants, clients and suppliers equally and as they would wish to be treated. During the year, the group has reinvigorated training on equality, diversity and inclusion across the business at all levels.
It is the group's approach to comply with all laws and regulations relevant to our business in all areas in which we operate. 8build is committed to maintaining and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere within our own business or in any of our supply chains.
The success of the group depends on people. By capitalising on what is unique about individuals and drawing on their different perspectives and experiences, the directors believe that value will be added to the way the company does business.
2022 saw the introduction of a new recruitment strategy which focused not just on the recruitment process but developed on-going support for the new recruit through on-boarding and beyond. It has proved most successful. During the year we also saw 20% of the staff receive long-service awards, and had 26 promotions. Almost 60% of new starters came from personal recommendations; something the Board considers to be a great success.
Using fair, objective and innovative employment practices, the directors' aims are to ensure that:
all employees and potential employees are treated fairly and with respect at all stages of their employment;
all employees have the right to be free from harassment and bullying of any description, or any other form of unwanted behaviour, whether based on sex, transgender status, marital status, race, disability, age, political or religious belief or sexuality; and
all employees have an equal chance to contribute and to achieve their potential, irrespective of any defining feature that may give rise to unfair discrimination.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Overcoming the continuous ongoing challenges would not be possible without the commitment, enthusiasm and loyalty of all staff; and the directors give heartfelt thanks to all the group's employees for supporting us continuously and giving of their best to colleagues, clients and all stakeholders alike.
The 8build Apprenticeship and Graduate scheme continues to flourish. The program continues to develop each year and now includes Design Management, Marketing and Equality modules. We have a cohort of seventeen men and women from differing disciplines. They are all magnificent and we celebrate their diversity and contribution to the business in all areas, expanding our offering into Health & Safety, Finance and HR as well as on site staff. We are rightly very proud of this scheme which has produced many fine staff members over the years.
Research & Development
The group completes a number of unique and original projects each year. These challenging projects require different approaches to techniques and products to comply with client and professional team parameters, whilst being sympathetic to the environment and resulting in useful and desirable structures.
So many uncertainties have to be overcome in such projects that it necessitates the group and its sub-contractors being involved in research and development activities, to resolve those uncertainties by seeking advances in the fields of science and technology.
Section 172 (1) statement Companies Act 2006
During the year to 31 March 2023 the directors have promoted the long-term success of the group for the benefit of all stakeholders as required by Section 172 of the Companies Act 2006.  

The group is owned by individuals whom are employed within the group. The Board are all shareholders within the business so have a vested interest in tirelessly promoting the success of the group. They are constantly seeking ways to improve stakeholder engagement.
The directors consider the core stakeholders to be as follows:
Employees
The support of staff are the lifeblood of our business; the need to ensure their physical and mental wellbeing is always a top priority. We have completely reassessed our benefit structure to ensure we provide the best support that we can to the staff and now have a very wide range of wellbeing support structures in place, including later life care which is a new addition to our suite of benefits. We continue to take care of our staff no matter what help they need and do our best to support them in times of stress and difficulty.
Clients
We aim to develop long term relationships with our clients and partners. We believe that we offer enhanced value-added service, the results of which are evidenced by the frequent repeat business we enjoy.
Supply chain
Our sub-contractors and suppliers are critical to our operations at every level. As well as supporting the prompt payment code we have enhanced our internal sub-contractor department to improve lines of communication and support. As well as seeking new and diverse sub-contractors, it allows more time to get to know the individuals involved and promote understanding and trust between all parties.  As with our clients, we aim for a long-term relationship and the strength of a collaborative approach.
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Communities
We engage with all our communities at site level; each site having a dedicated Community Liaison Officer. All sites have newsletters and public noticeboards, and we encourage engagement with local community groups where appropriate. We have worked very hard to maintain engagement with local communities.  

We are members of a variety of industry groups, and we hope to improve the image of the construction industry in the eyes of the general public by improving community engagement and providing a service to local people within those communities. We continued to support Michael Sobell Hospice and CRASH Charities. Both are first class examples of community support, and we are very proud to be associated with these enterprises.

A number of the site teams help with initiatives in their local areas and raise money for local causes. We have seen and felt the benefits first-hand of what such engagement can deliver both personally and professionally.
Principal decisions
Principal decisions are those that are material to the company, and of benefit to the categories of stakeholders mentioned above. It is vital to the board that we act fairly in all our decision making and maintain a reputation for high standards of business conduct.  

The directors reviewed and approved the annual strategic plan and financial budget for the year whilst considering the company's appetite for risk. We aim to select the right contracts for the business and wider community that match the skills we can provide whilst aligning with our plans and priorities. We are prepared to decline opportunities that do not suit our core competencies.
Energy and carbon report
8build Group are only too aware of the construction industry's responsibility and its current contribution to high levels of CO2. We are delighted to report that in the year 2022/2023 we produced our very first Carbon Reduction Plan in which we committed to achieving Net Zero emissions by 2040. This is a tall order and we do not underestimate the magnitude of the task ahead.  We are committed to ensuring that the decisions we make are environmentally and socially intelligent and the ones in which we cause the least amount of harm can't.  In our Carbon Reduction Plan, we have also extended our reporting to encompass employee commuting and waste generated in operations. The latter element we have been able to reduce significantly during the year 2022/2023.

We are delighted to report that there has been a very significant reduction in our Carbon footprint this year. This drop is over 30%. However, we completely accept that this is partially due to circumstances not within our control such as project and staff location and client interaction.
The reporting boundary is the financial year 2022/2023 and covers the operations of the group within the UK. We are reporting on electricity on our own premises and transport emissions within this report.
Consumption
2023
2022
Fuel Type
kWh
%
kWh
%
Purchased electricity
94,814
67.54
123,364
64.29
Business travel - owned vehicles
13,567
9.67
24,301
12.67
Business travel - employee vehicles
31,991
22.79
44,230
23.04
140,372
100
191,895
100
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8BUILD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Greenhouse Emissions
2023
2022
Fuel Type
Tonnes
%
Tonnes
%
Purchased electricity
18.34
21.93
23.86
19.12
Business travel - owned vehicles
25.35
30.31
45.73
36.64
Business travel - employee vehicles
39.94
47.76
55.22
44.24
83.63
100
124.81
100
Intensity Ratio
2023
2022
Total energy consumption
140,372 kWh
191,895 kWh
Associate GHG emissions
83.63 tCO2e
124.81 tCO2e
Revenue
£110.831m
£109.645m
Intensity ratio (tCO2e per £1m T/O)
0.75
1.14
Intensity ratio (tCO2e per employee)
0.45
0.67
The carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol. Conversion factors are taken from the 2022 Department for Business, Energy and Industrial Strategy Publication on the Government webpages.

All operations over which we have control use renewable energy. We have also commenced upskilling our 8builders and supply chain partners through training and workshops with external advisors.

Coupled with carbon reporting is, of course, sustainability. The industry is producing every day a new way of recycling and upcycling products. We want to make sustainability – business as usual – at 8build.

Sustainable procurement is the key, but this can only be pushed forward with our clients and professional teams. Using fewer resources, less energy and resource efficient products with known end of life use is the goal.

On behalf of the board

L.H. Hammond
Director
13 October 2023
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8BUILD GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Principal activities

The principal activity of the company is that of a holding company with subsidiaries trading in the UK and Singapore. The activities of the subsidiary undertakings are that of property fit out, new build, refurbishment and property development.

Results and dividends

The results for the year are set out on page 14.

Directors

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

N.J.W Bellamy
L.H. Hammond
M.J.F Mannion
P.R. Norman
S.J Oakford
C. Raison
A.R Tooley
Auditor

Citroen Wells were re-appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006.

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.

Strategic report

The group 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, including the energy and carbon report.

On behalf of the board
L.H. Hammond
Director
13 October 2023
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8BUILD GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

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.

- 10 -
8BUILD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 8BUILD GROUP LIMITED
Opinion
- 11 -

We have audited the financial statements of 8build Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 audittrue:

8BUILD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 8BUILD GROUP LIMITED
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
- 12 -

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.

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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

For construction companies, there are judgements in assessing the contract revenues, stage of completion, final expected margins and assessment of loss making contracts. In addition, assessments must be made regarding the recovery of retentions and other contractual amounts. We therefore consider this to be a high risk area for fraud, due to the potential for management bias.

To respond to the above potential risk of fraud, our audit procedures included:

8BUILD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 8BUILD GROUP LIMITED

In addition to the above, our procedures to respond to the further risks identified included the following:

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.

Kim Youle FCA (Senior Statutory Auditor)
For and on behalf of Citroen Wells
13 October 2023
Chartered Accountants
Statutory Auditor
Devonshire House
1 Devonshire Street
London
W1W 5DR
- 13 -
8BUILD GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
£'000
£'000
Revenue
3
122,959
117,877
Cost of sales
(116,086)
(112,781)
Gross profit
6,873
5,096
Administrative expenses
(6,579)
(5,632)
Other operating income
82
180
Operating profit/(loss)
4
376
(356)
Investment income
8
705
-
0
Finance costs
9
(52)
(33)
Profit/(loss) before taxation
1,029
(389)
Tax on profit/(loss)
10
668
732
Profit for the financial year
1,697
343
Profit for the financial year is attributable to:
- Owners of the parent company
1,504
288
- Non-controlling interests
193
55
1,697
343

The income statement has been prepared on the basis that all operations are continuing operations.

- 14 -
8BUILD GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
£'000
£'000
Profit for the year
1,697
343
Other comprehensive income
Revaluation of property, plant and equipment
-
0
125
Currency translation differences
60
31
Tax relating to other comprehensive income
-
0
(145)
Other comprehensive income for the year
60
11
Total comprehensive income for the year
1,757
354
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,534
283
- Non-controlling interests
223
71
1,757
354
- 15 -
8BUILD GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets
12
346
432
Property, plant and equipment
13
3,873
3,848
4,219
4,280
Current assets
Trade and other receivables falling due after more than one year
17
1,107
4,481
Trade and other receivables falling due within one year
17
29,235
33,260
Cash and cash equivalents
14,939
13,243
45,281
50,984
Current liabilities
18
(36,881)
(40,874)
Net current assets
8,400
10,110
Total assets less current liabilities
12,619
14,390
Non-current liabilities
19
(583)
(3,913)
Provisions for liabilities
Deferred tax liability
21
607
607
(607)
(607)
Net assets
11,429
9,870
Equity
Called up share capital
23
1
1
Share premium account
8
8
Revaluation reserve
1,713
1,713
Retained earnings
9,179
7,691
Equity attributable to owners of the parent company
10,901
9,413
Non-controlling interests
528
457
11,429
9,870
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
L.H. Hammond
Director
Company registration number 11852341 (England and Wales)
- 16 -
8BUILD GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£'000
£'000
£'000
£'000
Non-current assets
Investments
14
83
83
Current assets
Trade and other receivables
17
39
-
0
Cash and cash equivalents
78
1
117
1
Current liabilities
18
(246)
(28)
Net current liabilities
(129)
(27)
Net (liabilities)/assets
(46)
56
Equity
Called up share capital
23
1
1
Share premium account
1
1
Retained earnings
(48)
54
Total equity
(46)
56

As permitted by s408 of the Companies Act 2006, the company has not presented its own income statement and related notes. The company did not make either a profit or loss in the period.

The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
L.H. Hammond
Director
Company registration number 11852341 (England and Wales)
- 17 -
8BUILD GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total controlling interest
Non-controlling interest
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 April 2021
1
7
1,733
7,388
9,129
386
9,515
Year ended 31 March 2022:
Profit for the year
-
-
-
288
288
55
343
Other comprehensive income:
Revaluation of property, plant and equipment
-
-
125
-
125
-
125
Currency translation differences
-
-
-
31
31
-
31
Tax relating to other comprehensive income
-
-
(145)
-
0
(145)
-
(145)
Amounts attributable to non-controlling interests
-
-
-
(16)
(16)
16
-
Total comprehensive income for the year
-
-
(20)
303
283
71
354
Issue of share capital
23
-
0
1
-
-
1
-
1
Balance at 31 March 2022
1
8
1,713
7,691
9,413
457
9,870
Year ended 31 March 2023:
Profit for the year
-
-
-
1,504
1,504
193
1,697
Other comprehensive income:
Currency translation differences
-
-
-
60
60
-
60
Amounts attributable to non-controlling interests
-
-
-
0
(30)
(30)
30
-
Total comprehensive income for the year
-
-
-
1,534
1,534
223
1,757
Dividends
11
-
-
-
(46)
(46)
(152)
(198)
Balance at 31 March 2023
1
8
1,713
9,179
10,901
528
11,429
- 18 -
8BUILD GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Share capital
Share premium account
Retained earnings
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 April 2021
1
-
0
64
65
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(10)
(10)
Issue of share capital
23
-
0
1
-
1
Balance at 31 March 2022
1
1
54
56
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(56)
(56)
Dividends
11
-
-
(46)
(46)
Balance at 31 March 2023
1
1
(48)
(46)
- 19 -
8BUILD GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
1,380
(5,642)
Interest paid
(52)
(33)
Income taxes refunded/(paid)
1,817
(4)
Net cash inflow/(outflow) from operating activities
3,145
(5,679)
Investing activities
Purchase of intangible assets
(132)
(211)
Purchase of property, plant and equipment
(134)
(16)
Interest received
705
-
0
Net cash generated from/(used in) investing activities
439
(227)
Financing activities
Proceeds from issue of shares
-
1
Repayment of bank loans
(1,750)
(250)
Dividends paid to equity shareholders
(46)
-
0
Dividends paid to non-controlling interests
(152)
-
0
Net cash used in financing activities
(1,948)
(249)
Net increase/(decrease) in cash and cash equivalents
1,636
(6,155)
Cash and cash equivalents at beginning of year
13,243
19,367
Effect of foreign exchange rates
60
31
Cash and cash equivalents at end of year
14,939
13,243
- 20 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
Company information

8build Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The group consists of 8build Group Limited and all of its subsidiaries. The address of the registered office is 64 Leman Street, London, E1 8EU.

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 £'000.

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

1.2
Basis of consolidation

The consolidated financial statements incorporate those of 8build Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 March 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.

 

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the year end date. Exchange differences arising on translating the opening net assets at the opening rate and the results of overseas operations at actual rate are recognised directly in equity through other comprehensive income,

1.3
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.

 

At the year end the company had net liabilities. However, the directors have the reasonable expectation the company will have adequate resources due to financial support from it's subsidiaries being provided where necessary. Accordingly, the directors continue to adopt the going concern basis.

- 21 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
1.4
Revenue

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.

 

Construction contracts

Revenue from construction contracts includes amounts initially agreed in the contract plus any variations in contract work to the extent that it is probable that the variation will result in revenue that can be reliably measured.

 

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting date. Normally the reference to the amount of work performed is carried out by a third party surveyor and a valuation certificate is received. Internal valuations are also used for smaller assignments. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract revenue, the expected loss is immediately recognised as an expense in the income statement.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as an expense in the period in which they are incurred and contract revenue is recognised to the extent of the contract costs incurred, where it is probable that they will be recoverable.

 

The “percentage of completion method” is used to determine the appropriate amount of profit to recognise in a given period. The stage of completion is measured by the proportion of contract revenue completed to date, which is certified by a third party surveyor, as a percentage of the estimated total revenue for the project.

 

As is standard industry practice, included within revenue are retentions that cannot be invoiced until project completion. The retained amounts are based upon a pre-agreed percentage. The unbillable amounts are recognised as the work is performed and included in debtors. Where completion is not expected within 12 months of the balance sheet date, these amounts are recorded within debtors falling due after one year.

Sale of properties

Proceeds received on the sale of properties are recognised when control of the property transfers to the buyer. This generally occurs on unconditional exchange or on completion.

1.5
Intangible fixed assets other than goodwill

Software development costs are capitalised at cost as they are incurred and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Software development costs are reviewed annually for impairment. Maintenance costs associated with the software development are charged to the profit and loss account in the period they are incurred.

Intangible assets are amortised from the date that the asset is in use. Amortisation 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:

Software
3 years
- 22 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
1.6
Property, plant and equipment

Tangible fixed assets, other than freehold land and buildings, are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and amounts directly attributable in bringing the asset to its working condition for its intended use.

 

Freehold land and buildings whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

Tangible fixed assets are written off over their estimated useful lives on a straight line basis. Expected useful lives are as follows:-

Freehold land and buildings
Not depreciated
Leasehold improvements
3 years
Fixtures and fittings
3 - 10 years
Motor vehicles
3 - 5 years

The directors have chosen not to depreciate the freehold land and buildings held by the group. This is in contravention of the Companies Act 2006 which requires depreciation to be charged. The directors are of the opinion that the residual value of the property at the end of its useful life is expected to be in excess of the carrying value. As a result any depreciation to be provided is not material over the life of the asset and therefore has not been accounted for.

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 in the year of disposal.

1.7
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of non-current assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. 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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

- 23 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
1.10
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 statement of financial position 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, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

 

Such assets are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the profit or loss.

Derecognition of financial assets
- 24 -

Financial assets are derecognised when:

Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at the 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.

 

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

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
Derecognition of financial liabilities
- 25 -

Financial liabilities are derecognised when the liability is extinguished; that is when the contractual obligation is discharged, cancelled or has expired.

 

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.

1.11
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

1.12
Taxation

Taxation expense for the year 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 these cases 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 year end. When R&D tax credits are claimed, they reduce the tax liability in the year they are approved by HMRC. The credits are calculated by a third party specialist.

 

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

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 the tax assessments during 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 difference.

 

Deferred tax is recognised in full on all revaluation gains.

1.13
Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. The group’s expense for the annual bonus plans for employees are recognised in the income statement when the group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.

 

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period during which the service is received.

8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
1.14
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from those of the company in an independently administered fund.

1.15
Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.16
Government grants
- 26 -

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.

 

Government grants relating to revenue are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) results in cash payments from the government to compensate employers for part of the wages of employees who have been placed on furlough (i.e. placed on a temporary leave of absence from working for the employer).

 

The CJRS grant is recognised under the accrual model, and is recognised as income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee.

1.17
Foreign exchange

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

1.18

Termination benefits

Termination benefits are recognised when the company has demonstrated a commitment to either terminate the employment of an employee or group of employees before the normal retirement date, or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
- 27 -

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 estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting for construction contracts

Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including rectification of snagging issues. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed, including the recoverability of any unagreed income from variations and the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.

Valuation of freehold property

The valuation of the freehold property is on the basis of a valuation carried out by an independent surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Notwithstanding the turbulence in the property market, the directors consider the valuation to be materially accurate.

3
Revenue
2023
2022
£'000
£'000
Revenue analysed by class of business
Construction contracts
122,959
116,777
Sale of land and properties
-
1,100
122,959
117,877
2023
2022
£'000
£'000
Revenue analysed by geographical market
UK
110,831
110,666
Asia
12,128
7,211
122,959
117,877
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Operating profit/(loss)
2023
2022
£'000
£'000
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(67)
12
Government grants
(41)
(122)
Depreciation of owned property, plant and equipment
109
122
Amortisation of intangible assets
218
232
Operating lease charges
184
236
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
20
10
Audit of the financial statements of the company's subsidiaries
57
58
77
68
For other services
Taxation compliance services
10
6
All other non-audit services
2
8
12
14
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
Directors
7
7
-
-
Direct staff
177
172
-
-
Administrative staff
33
32
-
-
Total
217
211
-
0
-
0
- 28 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Employees
(Continued)

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Wages and salaries
16,043
14,698
-
0
-
0
Social security costs
1,973
1,698
-
-
Pension costs
802
740
-
0
-
0
18,818
17,136
-
0
-
0
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
1,594
1,603
Company pension contributions to defined contribution schemes
81
81
1,675
1,684

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022: 6).

 

The directors consider themselves to be key management personnel.

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£'000
£'000
Remuneration for qualifying services
245
265
Company pension contributions to defined contribution schemes
12
13
8
Investment income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
163
-
0
Other interest income
542
-
0
Total income
705
-
0
- 29 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Finance costs
2023
2022
£'000
£'000
Interest on bank overdrafts and loans
52
33
10
Taxation
2023
2022
£'000
£'000
Current tax
Adjustments in respect of prior periods
(728)
(732)
Foreign current tax on profits for the current period
60
-
0
Total current tax
(668)
(732)

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

2023
2022
£'000
£'000
Profit/(loss) before taxation
1,029
(389)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
196
(74)
Tax effect of expenses that are not deductible in determining taxable profit
1
59
Tax effect of income not taxable in determining taxable profit
(12)
(7)
Unutilised tax losses carried forward
-
0
92
Adjustments in respect of prior years
(734)
(214)
Permanent capital allowances in excess of depreciation
-
0
(60)
Research and development tax credit
(120)
(530)
Effect of overseas tax rates
1
2
Taxation credit
(668)
(732)

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£'000
£'000
Deferred tax arising on:
Revaluation of property
-
145
- 30 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£'000
£'000
Interim paid
46
-
12
Intangible fixed assets
Group
Software
£'000
Cost
At 1 April 2022
1,090
Additions
132
At 31 March 2023
1,222
Amortisation and impairment
At 1 April 2022
658
Amortisation charged for the year
218
At 31 March 2023
876
Carrying amount
At 31 March 2023
346
At 31 March 2022
432
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.

The software intangible above relates to the group’s CRM system which was created by an external development firm for the group’s specific requirements. The carrying value is stated above and it has a remaining amortisation period of 1.6 years (2022: 2.5 years).

- 31 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Property, plant and equipment
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 April 2022
3,500
46
1,104
250
4,900
Additions
-
0
-
0
118
16
134
Disposals
-
0
-
0
(4)
-
0
(4)
At 31 March 2023
3,500
46
1,218
266
5,030
Depreciation and impairment
At 1 April 2022
-
0
23
836
193
1,052
Depreciation charged in the year
-
0
18
59
32
109
Eliminated in respect of disposals
-
0
-
0
(4)
-
0
(4)
At 31 March 2023
-
0
41
891
225
1,157
Carrying amount
At 31 March 2023
3,500
5
327
41
3,873
At 31 March 2022
3,500
23
268
57
3,848
The company had no property, plant and equipment at 31 March 2023 or 31 March 2022.

If revalued assets were stated on an historical basis rather than a fair value basis, the total amounts included would have been as follows:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Freehold
1,287
1,287
-
0
-
0

Freehold land and buildings with a carrying amount of £3,500,000 (2022 - £3,500,000) have been pledged to secure banking facilities for the group. This charge was created on 8 July 2020. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity without a signed written consent.

The freehold land and buildings were valued on 17 March 2022 on an open market basis by Frost Meadowcroft Surveyors LLP, an independent firm of property consultants and Chartered Surveyors. The directors have not requested a valuation since that date as, in their opinion, the open market value has not materially changed during the short intervening period.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
15
-
0
-
0
83
83
- 32 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Fixed asset investments
(Continued)
Movements in non-current investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 1 April 2022 and 31 March 2023
83
Carrying amount
At 31 March 2023
83
At 31 March 2022
83
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
8build Limited
United Kingdom
Construction and fitout
Ordinary
100
8build PTE
Singapore
Building engineering, design & consultancy
Ordinary
50

The registered office of 8build PTE Limited is 10 Anson Road, #26-15 International Plaza, Singapore 079903.

 

8build PTE Limited is considered a subsidiary of 8build Group Limited owing to 8build Group Limited's representation on the board of directors of 8build PTE Limited.

 

Hampermill Estates Limited, a company which was 100% owned by 8build Group Limited, ceased trading on 30 April 2022 and the company's final results were included in group's financial statements for the year ended 31 March 2022. The company was dissolved on the company register on 13 December 2022.

16
Construction contracts
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
19,976
23,436
-
0
-
0
Gross amounts owed to contract customers included in creditors
(25,811)
(31,742)
-
0
-
0
- 33 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16
Construction contracts
(Continued)

The contract assets, which are included within amounts owed by contract customers, primarily relate to the company's right to consideration for construction work completed but not invoiced at the balance sheet date.

 

Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as amounts owed to contract customers on construction contracts.

 

At 31 March 2023, retentions held by customers for contract work amounted to £5,988,000 (2022 - £6,252,000) and are included within amounts owed from contract customers.

 

At 31 March 2023, amounts of £1,107,000 (2022 - £4,481,000) included in trade and other receivables and arising from construction contracts are due for settlement after more than 12 months.

 

At 31 March 2023, amounts of £583,000 (2022 - £2,663,000) included in trade and other payables and arising from construction contracts are due for payment after more than 12 months.

17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade receivables
8,742
12,948
-
0
-
0
Gross amounts owed by contract customers
18,869
18,955
-
0
-
0
Corporation tax recoverable
-
0
1,090
-
0
-
0
Other receivables
1,445
93
39
-
0
Prepayments and accrued income
179
174
-
0
-
0
29,235
33,260
39
-
Amounts falling due after more than one year:
Gross amounts owed by contract customers
1,107
4,481
-
0
-
0
Total debtors
30,342
37,741
39
-
- 34 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans
20
-
0
500
-
0
-
0
Trade payables
7,472
5,540
-
0
-
0
Gross amounts owed to contract customers
25,228
29,079
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
236
28
Corporation tax payable
59
-
0
-
0
-
0
Other taxation and social security
3,107
4,633
-
0
-
Other payables
71
129
-
0
-
0
Accruals and deferred income
944
993
10
-
0
36,881
40,874
246
28
19
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
20
-
0
1,250
-
0
-
0
Gross amounts owed to contract customers
583
2,663
-
0
-
0
583
3,913
-
-
20
Borrowings
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Bank loans
-
0
1,750
-
0
-
0
Payable within one year
-
0
500
-
0
-
0
Payable after one year
-
0
1,250
-
0
-
0

The mortgage was payable over 5 years and was subject to interest at a floating rate being 2.1% over the bank's interest currency base rate. Subsequently, the company was exposed to cash flow interest rate risk. The mortgage was repaid in full in October 2022.

 

The subsidiary company's bankers hold a fixed charge over the freehold property.

- 35 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
21
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£'000
£'000
Accelerated capital allowances
107
107
Revaluations
500
500
607
607
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
802
740

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

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary A shares of 25p each
3,999
3,999
1
1
Ordinary B shares of 1p each
45,500
45,500
-
-
- 36 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
24
Operating lease commitments

Operating lease payments represent rentals payable by the company for certain of its assets. Leases are negotiated for an average term of 5 years and rentals are fixed for that period.

 

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
£'000
£'000
£'000
£'000
Within one year
9
66
-
-
Between two and five years
31
-
-
-
40
66
-
-
25
Related party transactions

During the prior year, the group traded with an entity under common control and charged the entity £2,000 for services provided.

 

During the year, £733,000 (2022: £687,000) in renumeration was paid to employees of the group who are members of the directors' families.

 

During the year, dividends totalling £7,000 (2022: £nil) were paid to directors and members of the directors' families in respect to B shares held.

26
Cash generated from/(absorbed by) group operations
2023
2022
£'000
£'000
Profit for the year after tax
1,697
343
Adjustments for:
Taxation credited
(668)
(732)
Finance costs
52
33
Investment income
(705)
-
0
Amortisation and impairment of intangible assets
218
232
Depreciation and impairment of property, plant and equipment
109
122
Movements in working capital:
Decrease in inventories
-
939
Decrease/(increase) in trade and other receivables
6,309
(11,491)
(Decrease)/increase in trade and other payables
(5,632)
4,912
Cash generated from/(absorbed by) operations
1,380
(5,642)
- 37 -
8BUILD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
27
Analysis of changes in net funds - group
1 April 2022
Cash flows
Exchange
rate movements
31 March 2023
£'000
£'000
£'000
£'000
Cash at bank and in hand
13,243
1,636
60
14,939
Borrowings excluding overdrafts
(1,750)
1,750
-
-
11,493
3,386
60
14,939
- 38 -
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200N.J.W BellamyL.H. HammondM.J.F MannionP.R. NormanS.J OakfordC. RaisonA.R 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