Company registration number 08645759 (England and Wales)
AUTOMATEPRO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
AUTOMATEPRO LTD
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3 - 4
Notes to the financial statements
5 - 15
AUTOMATEPRO LTD
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
699,840
474,745
Tangible assets
6
25,790
11,927
725,630
486,672
Current assets
Debtors
8
818,882
756,278
Cash at bank and in hand
2,696,178
956,980
3,515,060
1,713,258
Creditors: amounts falling due within one year
9
(1,827,015)
(1,228,574)
Net current assets
1,688,045
484,684
Total assets less current liabilities
2,413,675
971,356
Creditors: amounts falling due after more than one year
(17,554)
(1,017,635)
Provisions for liabilities
(11,435)
(11,435)
Net assets/(liabilities)
2,384,686
(57,714)
Capital and reserves
Called up share capital
44
31
Share premium account
5,484,043
1,407,354
Other reserves
1,158,811
927,227
Profit and loss reserves
(4,258,212)
(2,392,326)
Total equity
2,384,686
(57,714)

The notes on pages 5 to 15 form part of these financial statements.

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

AUTOMATEPRO LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
W Devonald
Director
Company registration number 08645759 (England and Wales)
AUTOMATEPRO LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 3 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
699,840
474,745
Tangible assets
6
25,790
11,927
725,630
486,672
Current assets
Debtors
8
905,993
756,278
Cash at bank and in hand
2,649,030
956,980
3,555,023
1,713,258
Creditors: amounts falling due within one year
9
(1,822,987)
(1,228,574)
Net current assets
1,732,036
484,684
Total assets less current liabilities
2,457,666
971,356
Creditors: amounts falling due after more than one year
(17,554)
(1,017,635)
Provisions for liabilities
(11,435)
(11,435)
Net assets/(liabilities)
2,428,677
(57,714)
Capital and reserves
Called up share capital
44
31
Share premium account
5,484,043
1,407,354
Other reserves
1,158,811
927,227
Profit and loss reserves
(4,214,221)
(2,392,326)
Total equity
2,428,677
(57,714)

The notes on pages 5 to 15 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,821,894 (2022 - £1,063,500 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

AUTOMATEPRO LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on
13 November 2023
13 November 2023
and are signed on its behalf by:
13 November 2023
W Devonald
Director
Company registration number 08645759 (England and Wales)
AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information

Automatepro Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Automatepro Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Prior period error

A prior year error was noted in respect of development costs not capitalised and share based payments not accounted for. This resulted in an adjustment to the financial statements as disclosed in note 13.

1.3
Basis of consolidation

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

 

All financial statements are made up to 30 June 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of software licence subsciptions and related advisory, support and consulting services.

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -

Subscription turnover arising from the license of software for a fixed term, and turnover arising from the provision of support is recognised on a straight line basis over the contract term.

 

Where software implementation and advisory consulting services are provided on a fixed fee basis, turnover is recognised on the percentage of completion basis. Software implementation and advisory, consulting services provided on a time and materials basis are recognised as the services are delivered.

1.6
Research and development expenditure

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

1.7
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.

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
Other
Patents & licences 5 years
1.8
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:

Fixtures and fittings
15% reducing balance
Computers
33% 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.

1.9
Fixed asset investments

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

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

1.10
Cash and cash equivalents

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

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

1.12
Taxation

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

Current tax

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

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -
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.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
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.

1.16
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.

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Development costs

 

Determine whether the criteria for capitalisation of development costs has been met. The basis of caclulation and assumption used for the estimating the useful economic life of the assets used in calculating the amortisation charge. Determine whether there are any indicators of impairment to the Company's intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

Share Options

 

The Black-Scholes option-pricing model and assumptions discussed below is used in determining the fair value of the share-based awards. Each of the following inputs is subjective and requires significant judgement.

 

Expected Volatility

 

Estimated based on the average volatility for comparable publicly trade companies over a year equal to the expected term of the share option grants. The comparable companies were chosen based on their similar size, stage in the life cycle, or area of speciality.

 

Risk-Free Interest Rate

 

The risk-free interest rate is based on a UK Government bond in effect at the time of grant for years corresponding with the expected term of the option.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,500
-
For other services
Taxation compliance services
1,250
-
All other non-audit services
2,250
-
3,500
-
AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
4
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
Total
27
28
27
28
5
Intangible fixed assets
Group & Company
Development costs
Other
Total
£
£
£
Cost
At 1 July 2022
523,692
19,868
543,560
Additions
349,369
12,228
361,597
At 30 June 2023
873,061
32,096
905,157
Amortisation and impairment
At 1 July 2022
60,976
7,839
68,815
Amortisation charged for the year
130,923
5,579
136,502
At 30 June 2023
191,899
13,418
205,317
Carrying amount
At 30 June 2023
681,162
18,678
699,840
At 30 June 2022
462,716
12,029
474,745
AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
6
Tangible fixed assets
Group & Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2022
4,327
24,008
28,335
Additions
1,349
26,433
27,782
At 30 June 2023
5,676
50,441
56,117
Depreciation and impairment
At 1 July 2022
2,743
13,665
16,408
Depreciation charged in the year
440
13,479
13,919
At 30 June 2023
3,183
27,144
30,327
Carrying amount
At 30 June 2023
2,493
23,297
25,790
At 30 June 2022
1,584
10,343
11,927
7
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Automatepro, Inc
United States
Ordinary
100.00

On the 14th April 2023, Automatepro, Inc was incorporated in the United States, with 100% of the share capital being owned by Automatepro Limited from this date.

8
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
370,005
446,469
370,005
446,469
Tax recoverable
103,667
-
0
103,667
-
0
Amounts owed by group undertakings
-
-
0
87,111
-
0
Other debtors
345,210
309,809
345,210
309,809
818,882
756,278
905,993
756,278

Tax recoverable relates to Research and Development (R&D) tax relief.

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
9
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
10,764
85,848
10,764
85,848
Trade creditors
205,631
40,532
203,177
40,532
Corporation tax payable
-
0
32,942
-
0
32,942
Other taxation and social security
51,631
98,184
51,631
98,184
Other creditors
1,558,989
971,068
1,557,415
971,068
1,827,015
1,228,574
1,822,987
1,228,574
10
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
28,318
1,103,483
28,318
1,103,483
Payable within one year
10,764
85,848
10,764
85,848
Payable after one year
17,554
1,017,635
17,554
1,017,635
11
Share-based payment transactions

Certain employees and third parties have been granted options over the shares in the Company. Under these agreements the options will vest under the terms within the option agreement. Share options are exercisable on an exit event and if still not exercised 10 years from the grant date will lapse and no longer be exercisable.

Group and Company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 July 2022
67,609
50,773
18.35
13.36
Granted
13,130
16,836
15.80
33.41
Outstanding at 30 June 2023
80,739
67,609
17.94
18.35
Exercisable at 30 June 2023
-
-
-
-
Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
231,584
425,564
231,584
425,564
AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
12
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
63,458
-
63,458
-
13
Directors' transactions

At the 30 June 2023, Directors loan accounts existed for Paul Chorley and Wayne Devonald. Amounts due to the Company at the year end was £211,511 (2022: £209,011). Interest of £2,500 has been charged in respect of these loans during the period.

14
Prior period adjustment
Changes to the balance sheet - group and company
As previously reported
Adjustment at 1 Sep 2021
Adjustment at 30 Jun 2022
As restated at 30 Jun 2022
£
£
£
£
Fixed assets
Other intangibles
12,029
243,904
218,812
474,745
Capital and reserves
Other reserves
-
501,663
425,564
927,227
Profit and loss reserves
(1,927,815)
(257,759)
(206,752)
(2,392,326)
Total equity
(520,430)
243,904
218,812
(57,714)
Changes to the profit and loss account - group and company
As previously reported
Adjustment
As restated
Period ended 30 June 2022
£
£
£
Administrative expenses
(1,646,024)
(206,752)
(1,852,776)
AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Prior period adjustment
(Continued)
- 14 -
Reconciliation of changes in equity - group and company
1 September
30 June
2021
2022
£
£
Adjustments to prior year
Capitalisation of development costs
243,904
523,692
Amortisation of capitalised development costs
-
(60,976)
Total adjustments
243,904
462,716
Equity as previously reported
(341,070)
(520,430)
Equity as adjusted
(97,166)
(57,714)
Analysis of the effect upon equity
Other reserves
501,663
927,227
Profit and loss reserves
(257,759)
(464,511)
243,904
462,716
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Capitalisation of development costs
279,788
Amortisation of capitalised development costs
(60,976)
Share based payment expense
(425,564)
Total adjustments
(206,752)
Loss as previously reported
(856,748)
Loss as adjusted
(1,063,500)
Notes to reconciliation
Development costs

A prior year adjustment was made in respect of development costs not previously capitalised and a related amortisation charge based on the amortisation accounting policy. The impact is reflected through the profit and loss account.

Share based payments

A prior year adjustment has been made in respect of share options issued historically but not reflected in the financial statements. The impact is shown in other reserves.

AUTOMATEPRO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Ravi Hungsraz and the auditor was Azets Audit Services.
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