Opus Topco Limited
Annual Report and Financial Statements
For the period ended 31 March 2023
Company Registration No. 13774457 (England and Wales)
Opus Topco Limited
Company Information
Directors
J D Bilefield
(Appointed 11 March 2022)
Vitruvian Directors I Limited
(Appointed 15 January 2022)
Vitruvian Directors II Limited
(Appointed 15 January 2022)
M J Clifton
(Appointed 15 January 2022)
P M J Trivedi
(Appointed 15 January 2022)
A J Elphinstone
(Appointed 15 January 2022)
Company number
13774457
Registered office
The Triangle
5-17 Hammersmith Grove
London
England
W6 0LG
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Opus Topco Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 34
Opus Topco Limited
Strategic Report
For the period ended 31 March 2023
Page 1

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

Strategic overview

Opus Topco Ltd is the parent company of the AnyVan Group - collectively the Company and Group are referred to below as ‘AnyVan’ or ‘the Group’. AnyVan makes moving anything easier, more affordable and greener for everyone. The sole objective of the business is to use technology and innovation to improve the efficiency and experience of the entire delivery and moving process.

 

With an asset light business model, the Group develops and applies leading technologies to manage supply and demand on a marketplace model. This allows us to facilitate the most efficient journeys (routes, timings and costs) for transport providers, consumers and many recognised household brands, including Tesla, TK Maxx, Checkatrade, Zoopla, TSB, Santander and The AA.

 

Sustainability is a core part of AnyVan’s mission. Using technology to help reduce environmental impact has always been at the top of our agenda. We’re proud to say we’ve achieved carbon-neutral status on all global transport moves, offices and business travel.

 

In January 2022, Vitruvian Partners acquired a majority stake in the AnyVan Group, via Opus Topco Ltd, and provided growth capital to support the business expansion, making the largest ever growth capital investment into a UK-based logistics marketplace and reinforcing our position as the UK market leader.

 

AnyVan operates throughout Europe as well as in the UK, with native currency and language sites live in Spain, Germany, France, Italy and Ireland. The Group has offices in London, Newcastle & Cape Town.

Business review

The financial period ending 31 March 2023 generated Gross Profit of £31.4m. This is the first period for which Opus Topco Ltd has been in existence as the parent of the Group.

 

A number of planned investments were made in the business over the period, with the goal of securing future growth in line with expectations agreed with investors. Accordingly, an operating loss of £1.7m before amortisation of goodwill of £19.5m has been recognised.

 

The Group balance sheet at the reporting date shows a net current asset position of £6.8m. The company has no external debt, with all non-current liabilities being payable to private equity holders.

Future developments

AnyVan will continue to invest in its technology and focus on growing the business in a sustainable manner.

Opus Topco Limited
Strategic Report (Continued)
For the period ended 31 March 2023
Page 2
Principal risks and uncertainties

As with all technology-focused marketplace business models, the AnyVan Group is exposed to risks including competition, technology innovation, key staff attrition and loss of key suppliers and clients.

 

AnyVan actively mitigates immediate risks by ensuring continued technological innovation for both consumers and transport providers ensuring customers and suppliers both benefit, creating a continuous advantage against direct competition in the sector.

 

The results of the Group are impacted by broader market conditions, with movements in base interest rate and the resulting impact on the housing market creating challenges for the sector. In recognition of this, AnyVan maintains budgets and forecasts that include the modelling of situations so it can plan resources accordingly across the business. There is also continued focus on operational efficiencies and flexibilities across the Group. As the housing market is cyclical, although the wider economy can raise obstacles, these are not expected to result in long-term adverse effects.

 

AnyVan has invested heavily in its people and company culture, and has an in-house HR and talent team to attract the best talent and retain key employees. It also operates a company share scheme which is a helpful retention tool. A multi-site office strategy allows the best talent to be sought, and mitigates risks from a one-location site.

Financial key performance indicators

The AnyVan Group is a metric-focused organisation, and key business performance indicators support strategic and financial decisions. Examples of some metrics regularly tracked include:

 

●    ATV (average transaction value for all bookings) – ATV for the period is £255.

●    Gross Margin – Gross Margin for the period is 65.3%.

On behalf of the board

A J Elphinstone
Director
30 October 2023
Opus Topco Limited
Directors' Report
For the period ended 31 March 2023
Page 3

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

Principal activities

The principal activity of the company was that of a holding company. The principal activity of the Group was that of delivery transportation and removal services.

Directors

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

J D Bilefield
(Appointed 11 March 2022)
C A Bulger
(Appointed 30 November 2021 and resigned 15 January 2022)
Vitruvian Directors I Limited
(Appointed 15 January 2022)
Vitruvian Directors II Limited
(Appointed 15 January 2022)
M J Clifton
(Appointed 15 January 2022)
P M J Trivedi
(Appointed 15 January 2022)
A J Elphinstone
(Appointed 15 January 2022)
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the 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.

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. As at 31 March 2023 the group had net liabilities of £35,822,715 and made a loss for the period of £44,700,154. The directors have received confirmed support from the ultimate owner that the preference shares will not be recalled until such time as the group is able to fund this through cash resources. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
A J Elphinstone
Director
30 October 2023
Opus Topco Limited
Directors' Responsibilities Statement
For the period ended 31 March 2023
Page 4

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

 

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

 

 

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

Opus Topco Limited
Independent Auditor's Report
To the Members of Opus Topco Limited
Page 5
Opinion

We have audited the financial statements of Opus Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 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.

Opus Topco Limited
Independent Auditor's Report (Continued)
To the Members of Opus Topco Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Opus Topco Limited
Independent Auditor's Report (Continued)
To the Members of Opus Topco Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Opus Topco Limited
Independent Auditor's Report (Continued)
To the Members of Opus Topco Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Jamie Sherman (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
8 November 2023
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Opus Topco Limited
Group Statement of Comprehensive Income
For the period ended 31 March 2023
Page 9
Period
ended
31 March
2023
Notes
£
Turnover
3
48,133,346
Cost of sales
(16,687,183)
Gross profit
31,446,163
Administrative expenses
(53,075,386)
Other operating income
369,490
Operating loss
4
(21,259,733)
Interest receivable and similar income
8
1,030
Interest payable and similar expenses
9
(23,254,864)
Loss before taxation
(44,513,567)
Tax on loss
10
(186,964)
Loss for the financial period
(44,700,531)
Other comprehensive income
Currency translation gain taken to retained earnings
377
Total comprehensive loss for the period
(44,700,154)
Loss for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
Opus Topco Limited
Group Balance Sheet
As at 31 March 2023
Page 10
2023
Notes
£
£
Fixed assets
Goodwill
11
147,744,487
Other intangible assets
11
4,750,144
Total intangible assets
152,494,631
Tangible assets
12
484,036
152,978,667
Current assets
Debtors
15
2,096,839
Cash at bank and in hand
8,511,152
10,607,991
Creditors: amounts falling due within one year
16
(3,806,230)
Net current assets
6,801,761
Total assets less current liabilities
159,780,428
Creditors: amounts falling due after more than one year
17
(194,787,719)
Provisions for liabilities
Deferred tax liability
19
(815,424)
(815,424)
Net liabilities
(35,822,715)
Capital and reserves
Called up share capital
21
88,772
Share premium account
7,769,046
Profit and loss reserves
(43,680,533)
Total equity
(35,822,715)
The financial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
30 October 2023
A J Elphinstone
Director
Opus Topco Limited
Company Balance Sheet
As at 31 March 2023
31 March 2023
Page 11
2023
Notes
£
£
Fixed assets
Investments
13
180,358,340
Current assets
Debtors
15
1,703,453
Creditors: amounts falling due within one year
16
(8,385)
Net current assets
1,695,068
Total assets less current liabilities
182,053,408
Creditors: amounts falling due after more than one year
17
(194,787,719)
Net liabilities
(12,734,311)
Capital and reserves
Called up share capital
21
88,772
Share premium account
7,769,046
Profit and loss reserves
(20,592,129)
Total equity
(12,734,311)

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 period was £21,611,750.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
30 October 2023
A J Elphinstone
Director
Company Registration No. 13774457 (England and Wales)
Opus Topco Limited
Group Statement of Changes in Equity
For the period ended 31 March 2023
Page 12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 31 March 2023:
Loss for the period
-
-
(44,700,531)
(44,700,531)
Other comprehensive income:
Currency translation differences
-
-
377
377
Total comprehensive income for the period
-
-
(44,700,154)
(44,700,154)
Issue of share capital
21
88,772
8,788,667
-
8,877,439
Reduction of shares
21
-
(1,019,621)
1,019,621
-
0
Balance at 31 March 2023
88,772
7,769,046
(43,680,533)
(35,822,715)
Opus Topco Limited
Company Statement of Changes in Equity
For the period ended 31 March 2023
Page 13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 30 November 2021
-
-
-
-
Period ended 31 March 2023:
Loss and total comprehensive income for the period
-
-
(21,611,750)
(21,611,750)
Issue of share capital
21
88,772
8,788,667
-
8,877,439
Reduction of shares
21
-
(1,019,621)
1,019,621
-
0
Balance at 31 March 2023
88,772
7,769,046
(20,592,129)
(12,734,311)
Opus Topco Limited
Group Statement of Cash Flows
For the period ended 31 March 2023
Page 14
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
21,632,636
Investing activities
Purchase of intangible assets
(2,871,793)
Purchase of tangible fixed assets
(420,353)
Payments to acquire new investments
(163,410,192)
Interest received
1,030
Net cash used in investing activities
(166,701,308)
Financing activities
Proceeds from issue of shares
8,877,439
Proceeds from issue of preference shares
144,724,646
Interest payable
(22,261)
Net cash generated from financing activities
153,579,824
Net increase in cash and cash equivalents
8,511,152
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
8,511,152
Opus Topco Limited
Notes to the Group Financial Statements
For the period ended 31 March 2023
Page 15
1
Accounting policies
Company information

Opus Topco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Triangle, 5-17 Hammersmith Grove, London, England, W6 0LG.

 

The group consists of Opus Topco Limited and all of its subsidiaries.

1.1
Reporting period

The company was incorporated on 30 November 2021 and the accounts have been prepared for the period ended 31 March 2023.

1.2
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.

This 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:

 

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 16
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Opus Topco 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 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.

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

1.5
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. As at 31 March 2023 the group had net liabilities of £35,822,715 and made a loss for the period of £44,700,154.

 

The net liabilities arise due to the classification of preference shares as debt. The preference shares are irredeemable and as such cannot be recalled by the holders of the shares until a capital event occurs. The group has also received confirmation from its majority shareholder that the dividends accruing on the preference shares will not be recalled to the detriment of the group. On that basis, the directors are comfortable the group can meet its liabilities as they fall due for 12 months from date of approval of the financial statements, thus they have adopted the going concern basis of accounting.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for delivery transportation and removal services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.7
Research and development expenditure

Research expenditure is written off against profits in the period in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 17
1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
4 years straight line
1.10
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 years straight line
Fixtures and fittings
3 years straight line
Computers
3 years straight line
Motor vehicles
3 years straight line

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

1.11
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 18
1.12
Impairment of fixed assets

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

 

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

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

 

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

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

1.13
Cash and cash equivalents

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

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 19
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 20
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Preference Shares

Preference shares held are classified as a financial liability as they carry a compulsory dividend. Dividends charged on these are treated as interest and recorded within the profit and loss and accrued for within creditors. These dividends can only be paid when the company has sufficient profit and loss reserves to make the payments.

Derecognition of financial liabilities

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Profit and Loss Reserves

These reserves reflect the movement in the Statement of Comprehensive Income less any dividends payable.

 

Share Premium

Share Premium represents the consideration paid for shares which is in excess of the nominal value.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 21
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

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

1.19
Leases

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

1.20
Government grants

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

 

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

1.21
Foreign exchange

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

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 22
1.22

Subsidiary audit exemption

The Company’s active subsidiaries Opus Midco Limited, Opus Bidco Limited, The Anyvan Group Limited, Anyvan Investment Holdings Limited, Anyvan Finance Co Limited, Anyvan Holdings Limited, Anyvan Ireland Limited, Anyvan Italy Limited, Anyvan France Limited and Anyvan Espana Limited are exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts by virtue of section 479A of the Companies Act 2006.

 

The parent company has therefore guaranteed all existing liabilities of the above entities and this guarantee will remain in force until those liabilities are settled.

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements
Impairment of investments

The key judgments involved in assessing the carrying value of investments held by the parent company, Opus Topco Limited, include estimation of future cash flows and profitability of the business.

Carrying value of goodwill and other intangible assets

The key judgments involved in assessing the carrying value of goodwill and intangible assets include estimation of future cash flows and profitability of the business.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 23
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.

Recoverability of trade debtors

An allowance for doubtful debts is maintained for estimated losses from the inability of the company's customers to make required payments.

Capitalisation of intangible assets

The company makes an estimate as to the percentage of employee time and cost which relates to activities in development of the intangible asset which can be capitalised.

Useful economic life of intangible assets

The company has capitalised the costs of developing the software platform that the business is built on and generates its revenues from. These costs include a mix of internal employee costs and external consultant costs. Amortisation of these costs is applied from the start of the following year after the software platform development comes into use, on a straight line basis over four years. The useful economic life of four years is an estimate that the directors believe accurately reflects the period over which the platform development will be used. Enhancements to existing technology are included and overall the four years is applied to all costs regardless of any technological development that builds on existing costs incurred.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Removal and transportation services
48,133,346
2023
£
Turnover analysed by geographical market
United Kingdom
47,080,510
Europe
1,052,836
48,133,346
2023
£
Other revenue
Interest income
1,030
Royalty income
11
Grants received
369,479
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 24
4
Operating loss
2023
£
Operating loss for the period is stated after charging/(crediting):
Exchange gains
(23,046)
Government grants
(369,479)
Depreciation of owned tangible fixed assets
190,633
Amortisation of intangible assets
20,724,707
Operating lease charges
779,383
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
27,500
Audit of the financial statements of the company's subsidiaries
42,500
70,000
For other services
Taxation compliance services
10,000
All other non-audit services
13,000
23,000
6
Employees

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

Group
Company
2023
2023
Number
Number
United Kingdom
125
-
Rest of the World
113
-
Total
238
-
0
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
6
Employees
(Continued)
Page 25

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
11,202,857
-
0
Social security costs
1,509,601
-
Pension costs
337,978
-
0
13,050,436
-
0
7
Directors' remuneration
2023
£
Remuneration for qualifying services
491,705
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
£
Remuneration for qualifying services
273,786
8
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
1,030

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
1,030
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 26
9
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Dividends on redeemable preference shares not classified as equity
23,232,605
Other finance costs:
Other interest
22,260
Total finance costs
23,254,865
10
Taxation
2023
£
Current tax
Foreign tax on profits for the current period
137,259
Current UK tax
(150,693)
Total current tax
(13,434)
Deferred tax
Origination and reversal of timing differences
200,398
Total tax charge
186,964

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

2023
£
Loss before taxation
(44,513,567)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(8,457,578)
Tax effect of expenses that are not deductible in determining taxable profit
66,348
Preference share dividend
4,414,195
Goodwill amortisation
3,707,550
Fixed asset differences
(3,136)
Change in tax rates
(66,564)
Additional deduction for R&D expenditure
(19,000)
Effect of differing rates of tax between jurisdictions
59,939
Deferred tax not recognised
474,067
Other adjustments
11,143
Taxation charge
186,964
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 27
11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 30 November 2021
-
0
-
0
-
0
Additions - separately acquired
167,257,910
2,871,793
170,129,703
Additions - business combinations
-
0
3,490,887
3,490,887
At 31 March 2023
167,257,910
6,362,680
173,620,590
Amortisation and impairment
At 30 November 2021
-
0
-
0
-
0
Amortisation charged for the period
19,513,423
1,211,284
20,724,707
Business combinations
-
0
401,252
401,252
At 31 March 2023
19,513,423
1,612,536
21,125,959
Carrying amount
At 31 March 2023
147,744,487
4,750,144
152,494,631
The company had no intangible fixed assets at 31 March 2023.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 November 2021
-
0
-
0
-
0
-
0
-
0
Additions
-
0
243,636
176,717
-
0
420,353
Business combinations
13,903
77,998
240,526
28,098
360,525
At 31 March 2023
13,903
321,634
417,243
28,098
780,878
Depreciation and impairment
At 30 November 2021
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
8,866
59,585
111,255
10,927
190,633
Business combinations
4,752
7,716
93,741
-
0
106,209
At 31 March 2023
13,618
67,301
204,996
10,927
296,842
Carrying amount
At 31 March 2023
285
254,333
212,247
17,171
484,036
The company had no tangible fixed assets at 31 March 2023.
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 28
13
Fixed asset investments
Company
2023
Notes
£
Investments in subsidiaries
14
180,358,340
180,358,340
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 November 2021
-
Additions
180,358,340
At 31 March 2023
180,358,340
Carrying amount
At 31 March 2023
180,358,340
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 29
14
Subsidiaries

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

Name of undertaking
Address
Class of shares held
% Held
Opus Midco Limited
1
Ordinary
100.00
Opus Bidco Limited
1
Ordinary
100.00
The Anyvan Group Limited
1
Ordinary
100.00
Anyvan Investment Holdings Limited
1
Ordinary
100.00
Anyvan Finance Co Limited
1
Ordinary
100.00
Anyvan Holdings Limited
1
Ordinary
100.00
Anyvan Ireland Limited
1
Ordinary
100.00
Anyvan Italy Limited
1
Ordinary
100.00
Anyvan France Limited
1
Ordinary
100.00
Anyvan Business Limited
1
Ordinary
100.00
Anyvan Espana Limited
1
Ordinary
100.00
Anyvan Limited
1
Ordinary
100.00
Anyvan Gmbh
2
Ordinary
100.00
Anyvan South Africa Pty Ltd
3
Ordinary
100.00

Registered office addresses:

1
5th Floor The Triangle, 5-17 Hammersmith Grove, London, W6 0LG, United Kingdom
2
Scharnhorststraße 8c, 10115 Berlin, Germany
3
20th Floor The Towers, Hertzog Boulevard, Cape Town, Western Cape, 8001 South Africa

The company's subsidiaries Opus Midco Limited, Opus Bidco Limited, The Anyvan Group Limited, Anyvan Investment Holdings Limited, Anyvan Finance Co Limited, Anyvan Holdings Limited, Anyvan Ireland Limited, Anyvan Italy Limited, Anyvan France Limited and Anyvan Espana Limited, are exempt from audit by virtue of s479A of the Companies Act 2006.

15
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
503,850
-
0
Amounts owed by group undertakings
-
1,703,453
Other debtors
599,079
-
0
Prepayments and accrued income
993,910
-
0
2,096,839
1,703,453
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 30
16
Creditors: amounts falling due within one year
Group
Company
2023
2023
£
£
Trade creditors
1,144,302
-
0
Corporation tax payable
200,082
-
0
Other taxation and social security
456,670
-
Other creditors
310,939
8,385
Accruals and deferred income
1,694,237
-
0
3,806,230
8,385
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Preference shares
18
171,555,114
171,555,114
Preference dividends payable
23,232,605
23,232,605
194,787,719
194,787,719
18
Loans
Group
Company
2023
2023
£
£
Preference shares
171,555,114
171,555,114
Payable after one year
171,555,114
171,555,114
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 31
19
Deferred taxation

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

Liabilities
Assets
2023
2023
Group
£
£
Accelerated capital allowances
34,082
-
Intangible fixed assets
973,511
-
Tax losses
-
192,169
1,007,593
192,169
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 30 November 2021
-
-
Charge to profit or loss
200,398
-
Acquired on business combination
615,026
-
Liability at 31 March 2023
815,424
-

The deferred tax asset set out above is expected to reverse within the near future and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
336,645

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.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 32
21
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
8,877,191
88,772

During the period the company issued 8,877,191 shares with a nominal value of £0.01 for consideration of £1 per share.

 

On 30 March 2023 a resolution was passed to reduce the share premium account by £1,019,621 by a reduction of the share premium paid in respect of each of the 1,029,920 A ordinary shares of £0.01 each in the share capital of the company from £0.99 to nil.

22
Acquisition of a business

On 15 January 2022 the group acquired 100 percent of the issued capital of The Anyvan Group Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
2,964,725
-
2,964,725
Property, plant and equipment
244,693
-
244,693
Trade and other receivables
5,596,334
-
5,596,334
Cash and cash equivalents
4,448,146
-
4,448,146
Trade and other payables
(12,038,442)
-
(12,038,442)
Deferred tax
(615,026)
-
(615,026)
Total identifiable net assets
600,430
-
600,430
Goodwill
167,257,910
Total consideration
167,858,340
The consideration was satisfied by:
£
Cash
141,027,872
Issue of loan notes
26,830,468
167,858,340
Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
22
Acquisition of a business
(Continued)
Page 33
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
48,133,346
Loss after tax
(5,597,656)

The goodwill arising on the acquisition of the business is attributable to the technology and brand acquired.

23
Operating lease commitments
Lessee

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

Group
Company
2023
2023
£
£
Within one year
495,180
-
Between two and five years
1,235,875
-
1,731,055
-
24
Related party transactions

The group had related party transactions with wholly owned subsidiaries and the parent undertaking, and as such has taken advantage of the exemption permitted under section 33.1A to not provide disclosures of transactions entered into with other wholly owned members of the group.

 

Key management compensation for the period amounts to £491,705.

25
Controlling party

The ultimate controlling party is Vitruvian Partners, a private equity fund.

 

The directors do not consider there to be a single controlling party.

Opus Topco Limited
Notes to the Group Financial Statements (Continued)
For the period ended 31 March 2023
Page 34
26
Cash generated from group operations
2023
£
Loss for the period after tax
(44,700,531)
Adjustments for:
Taxation charged
186,964
Finance costs
23,254,864
Investment income
(1,030)
Non-cash movements as part of business combination
(6,301,049)
Amortisation and impairment of intangible assets
20,724,707
Depreciation and impairment of tangible fixed assets
190,633
Other gains and losses
(23,922)
Movements in working capital:
Increase in debtors
(2,096,839)
Increase in creditors
30,398,839
Cash generated from operations
21,632,636
27
Analysis of changes in net debt - group
30 November 2021
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
-
8,511,152
8,511,152
Preference shares
-
(171,555,114)
(171,555,114)
-
(163,043,962)
(163,043,962)
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