Company registration number 04064193 (England and Wales)
BLUESOURCE INFORMATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
BLUESOURCE INFORMATION LIMITED
COMPANY INFORMATION
Directors
A P McKeeve
A J Ward
R M Wirszycz
M Edwards
Secretary
A M Ward
Company number
04064193
Registered office
122 Tooley Street
London
SE1 2TU
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BLUESOURCE INFORMATION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 27
BLUESOURCE INFORMATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 September 2023.
Review of the business
Bluesource achieved Group revenues of £18,170,650 (2022 - £17,264,055) and an operating profit of £550,953 (2022 - £214,689).
The Company strategy remains unchanged as we continue to focus on recurring revenue from our expanding managed services offering and support services. Our investment in our own intellectual property, Cloud Locker, has enabled us to secure many new recurring revenue contracts. This focus has enabled us to cover more of our fixed costs with contracted revenue.
The Board are pleased with the mix of revenue as we are now less reliant on product sales which has seen an increase in key KPI's. Our turnover has increased by 5.25% and profit before tax has increased by 169%. We remain focussed on increasing our gross profit and are less concerned with top line turnover.
The group is in a good financial position with very healthy cash reserves. We continue to monitor the evolving technology landscape and review opportunities accordingly.
Principal risks and uncertainties
Technology changes
The group continually monitors changes in technology to ensure its sales offerings remain relevant to the market.
Liquidity risk
The group manages its cash in order to maximise interest income, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the group. Investments of cash surpluses are carefully considered by the Board before being approved.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. The group policy does not demand that these exposures are hedged against and consequently a profit or loss may arise on any particular transaction undertaken by the group.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
A J Ward
Director
30 January 2024
BLUESOURCE INFORMATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the group continued to be that of information technology services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A P McKeeve
A J Ward
R M Wirszycz
M Edwards
Results and dividends
The results for the year are set out on page 7.
Interim ordinary dividends of £225,386 were paid on 3 October 2022.
Auditor
CLA Evelyn Partners Limited 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 directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
BLUESOURCE INFORMATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
A J Ward
Director
30 January 2024
BLUESOURCE INFORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUESOURCE INFORMATION LIMITED
- 4 -
Opinion
We have audited the financial statements of Bluesource Information Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 September 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BLUESOURCE INFORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUESOURCE INFORMATION LIMITED
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal and professional fee invoices;
we reviewed the minutes of board meetings to identify any references to non-compliance with laws and regulations.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
BLUESOURCE INFORMATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUESOURCE INFORMATION LIMITED
- 6 -
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
David Jones (Senior Statutory Auditor)
For and on behalf of CLA Evelyn Partners Limited
30 January 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BLUESOURCE INFORMATION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
18,170,650
17,264,055
Cost of sales
(6,953,189)
(8,942,961)
Gross profit
11,217,461
8,321,094
Administrative expenses
(10,667,137)
(8,106,743)
Other operating income
629
338
Operating profit
4
550,953
214,689
Interest receivable and similar income
8
26,937
348
Interest payable and similar expenses
9
(81)
(12)
Profit before taxation
577,809
215,025
Tax on profit
10
(142,618)
(53,599)
Profit for the financial year
435,191
161,426
Other comprehensive income
Currency translation differences
(9,278)
19,996
Total comprehensive income for the year
425,913
181,422
Total comprehensive income for the year is all attributable to the owners of the parent company.
BLUESOURCE INFORMATION LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
5,036
Tangible assets
13
390,242
236,626
395,278
236,626
Current assets
Debtors
16
5,106,673
7,070,279
Cash at bank and in hand
4,923,562
4,253,685
10,030,235
11,323,964
Creditors: amounts falling due within one year
17
(7,882,656)
(8,851,765)
Net current assets
2,147,579
2,472,199
Total assets less current liabilities
2,542,857
2,708,825
Creditors: amounts falling due after more than one year
18
(1,023,649)
(1,444,687)
Provisions for liabilities
19
(88,830)
(34,287)
Net assets
1,430,378
1,229,851
Capital and reserves
Called up share capital
22
947
947
Share premium account
169,811
169,811
Capital redemption reserve
15
15
Profit and loss reserves
1,259,605
1,059,078
Total equity
1,430,378
1,229,851
The accompanying accounting policies and notes form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
30 January 2024
A J Ward
Director
BLUESOURCE INFORMATION LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
5,036
Tangible assets
13
390,397
232,261
Investments
14
550
550
395,983
232,811
Current assets
Debtors
16
4,528,270
6,315,072
Cash at bank and in hand
3,493,029
2,844,803
8,021,299
9,159,875
Creditors: amounts falling due within one year
17
(6,190,641)
(7,060,530)
Net current assets
1,830,658
2,099,345
Total assets less current liabilities
2,226,641
2,332,156
Creditors: amounts falling due after more than one year
18
(1,023,649)
(1,444,687)
Provisions for liabilities
19
(88,830)
(34,287)
Net assets
1,114,162
853,182
Capital and reserves
Called up share capital
22
947
947
Share premium account
169,811
169,811
Capital redemption reserve
15
15
Profit and loss reserves
943,389
682,409
Total equity
1,114,162
853,182
The accompanying accounting policies and notes 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 profit for the year was £486,366 (2022 - £350,738)
The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
30 January 2024
A J Ward
Director
Company Registration No. 04064193
BLUESOURCE INFORMATION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
947
169,811
1,163,146
1,333,904
Year ended 30 September 2022:
Profit for the year
-
-
-
161,426
161,426
Other comprehensive income:
Currency translation differences
-
-
-
19,996
19,996
Total comprehensive income
-
-
-
181,422
181,422
Issue of share capital
22
15
23,007
-
-
23,022
Dividends
11
-
-
-
(225,386)
(225,386)
Own shares acquired
-
-
-
(60,104)
(60,104)
Redemption of shares
22
(15)
(23,007)
15
-
(23,007)
Balance at 30 September 2022
947
169,811
15
1,059,078
1,229,851
Year ended 30 September 2023:
Profit for the year
-
-
-
435,191
435,191
Other comprehensive income:
Currency translation differences
-
-
-
(9,278)
(9,278)
Total comprehensive income
-
-
-
425,913
425,913
Dividends
11
-
-
-
(225,386)
(225,386)
Balance at 30 September 2023
947
169,811
15
1,259,605
1,430,378
BLUESOURCE INFORMATION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
947
169,811
617,160
787,918
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
-
350,739
350,739
Issue of share capital
22
15
23,007
-
-
23,022
Dividends
11
-
-
-
(225,386)
(225,386)
Own shares acquired
-
-
-
(60,104)
(60,104)
Redemption of shares
22
(15)
(23,007)
15
-
(23,007)
Balance at 30 September 2022
947
169,811
15
682,409
853,182
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
486,366
486,366
Dividends
11
-
-
-
(225,386)
(225,386)
Balance at 30 September 2023
947
169,811
15
943,389
1,114,162
BLUESOURCE INFORMATION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,203,052
1,166,685
Interest paid
(81)
(12)
Income taxes (paid)/refunded
(73,917)
29,997
Net cash inflow from operating activities
1,129,054
1,196,670
Investing activities
Purchase of intangible assets
(5,210)
-
Purchase of tangible fixed assets
(294,986)
(14,682)
Proceeds from disposal of tangible fixed assets
77,334
-
Interest received
26,937
348
Net cash used in investing activities
(195,925)
(14,334)
Financing activities
Proceeds from issue of shares
-
23,007
Purchase of own shares
-
(83,096)
Dividends paid to equity shareholders
(225,386)
(225,386)
Net cash used in financing activities
(225,386)
(285,475)
Net increase in cash and cash equivalents
707,743
896,861
Cash and cash equivalents at beginning of year
4,253,685
3,213,028
Effect of foreign exchange rates
(37,866)
143,796
Cash and cash equivalents at end of year
4,923,562
4,253,685
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information
Bluesource Information Limited (“the company”), whose principal activity continued to be that of information technology services, is a private limited company domiciled and incorporated in England and Wales. The registered office is 122 Tooley Street, LONDON, SE1 2TU.
The group consists of Bluesource Information Limited and its subsidiary.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
As the parent company of a group who prepares publicly available consolidated financial statements which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, Bluesource Information Ltd has taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Bluesource Information Limited and its subsidiary.
All intra-group transactions, balances and unrealised gains or losses on transactions between group companies are eliminated on consolidation.
At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Sale of goods
Revenue arises from the sale of information technology hardware. Revenue is recognised when the customer accepts delivery of the goods.
Rendering of services
Revenue arises from the provision of information technology services. Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
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:
Trademarks
10 year straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially and subsequently measured at cost, 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:
Land and buildings leasehold
Straight line over the term of the lease
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance and 25% or 33% straight line
Motor vehicles
25% reducing balance
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.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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).
1.8
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.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and loans from fellow group companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and are not recognised if the timing difference arises from a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
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 share options granted using a capitalisation of earnings method. Expenses, and the corresponding adjustments to equity, are not recognised in the financial statements as the directors do not consider these to be material to the accounts.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the lease.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.14
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.
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.
Recognition of consultancy income
Consultancy projects often span a number of months and take a number of hours to complete using different levels of expertise. Before a project commences, an estimate is made on the level of staffing required and number of hours needed to complete. Consultancy income is recognised when reaching a significant milestone on a project such as the amount of data delivered or based upon the number of hours spent by staff, depending on the nature of the project.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Provision of services
17,987,270
16,635,435
Sale of goods
183,380
628,620
18,170,650
17,264,055
2023
2022
£
£
Turnover analysed by geographical market
UK
10,122,070
10,992,581
EU
727,278
767,406
Rest of world
7,321,302
5,504,068
18,170,650
17,264,055
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
3
Turnover and other revenue
(Continued)
- 17 -
2023
2022
£
£
Other revenue
Interest income
26,937
348
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
28,588
(123,800)
Depreciation of owned tangible fixed assets
58,910
84,322
Loss on disposal of tangible fixed assets
5,126
-
Amortisation of intangible assets
174
-
Operating lease charges
209,526
184,325
5
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
26,535
23,000
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
Management
16
16
10
10
Sales
16
16
9
9
Administrative
5
5
5
5
Other
47
43
36
33
Total
84
80
60
57
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,231,895
7,330,992
4,922,338
4,577,619
Social security costs
739,013
720,547
580,355
581,385
Pension costs
155,895
155,350
118,798
116,364
9,126,803
8,206,889
5,621,491
5,275,368
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
933,140
956,243
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
373,000
325,401
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
26,937
348
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
81
12
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
21,891
47,097
Foreign current tax on profits for the current period
66,184
20,475
Total current tax
88,075
67,572
Deferred tax
Origination and reversal of timing differences
54,543
(13,973)
Total tax charge
142,618
53,599
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
577,809
215,025
Expected tax charge based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
127,118
40,855
Tax effect of expenses that are not deductible in determining taxable profit
8,832
27,871
Tax effect of income not taxable in determining taxable profit
(71,901)
(1)
Effect of change in corporation tax rate
16,378
-
Depreciation on assets not qualifying for tax allowances
220
48
Tax relief on share options
(11,417)
Effect of overseas tax rates
62,882
(362)
Foreign exchange differences
(2,558)
Enhanced super deduction capital allowances
(911)
(837)
Taxation charge
142,618
53,599
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
225,386
225,386
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
12
Intangible fixed assets
Group
Trademarks
£
Cost
At 1 October 2022
Additions
5,210
At 30 September 2023
5,210
Amortisation and impairment
At 1 October 2022
Amortisation charged for the year
174
At 30 September 2023
174
Carrying amount
At 30 September 2023
5,036
At 30 September 2022
Company
Trademarks
£
Cost
At 1 October 2022
Additions
5,210
At 30 September 2023
5,210
Amortisation and impairment
At 1 October 2022
Amortisation charged for the year
174
At 30 September 2023
174
Carrying amount
At 30 September 2023
5,036
At 30 September 2022
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
13
Tangible fixed assets
Group
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
148,409
8,663
645,979
201,350
1,004,401
Additions
8,448
24,721
261,817
294,986
Disposals
(201,350)
(201,350)
At 30 September 2023
156,857
8,663
670,700
261,817
1,098,037
Depreciation and impairment
At 1 October 2022
67,107
8,663
573,115
118,890
767,775
Depreciation charged in the year
10,141
32,409
16,360
58,910
Eliminated in respect of disposals
(118,890)
(118,890)
At 30 September 2023
77,248
8,663
605,524
16,360
707,795
Carrying amount
At 30 September 2023
79,609
65,176
245,457
390,242
At 30 September 2022
81,302
72,864
82,460
236,626
Company
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
148,409
8,663
477,144
201,350
835,566
Additions
8,448
24,721
261,817
294,986
Disposals
(201,350)
(201,350)
At 30 September 2023
156,857
8,663
501,865
261,817
929,202
Depreciation and impairment
At 1 October 2022
67,107
8,663
408,645
118,890
603,305
Depreciation charged in the year
10,141
27,889
16,360
54,390
Eliminated in respect of disposals
(118,890)
(118,890)
At 30 September 2023
77,248
8,663
436,534
16,360
538,805
Carrying amount
At 30 September 2023
79,609
65,331
245,457
390,397
At 30 September 2022
81,302
68,499
82,460
232,261
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
550
550
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
550
Carrying amount
At 30 September 2023
550
At 30 September 2022
550
15
Subsidiaries
Details of the company's subsidiaries at 30 September 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Bluesource Inc
USA
Information technology
Ordinary
100.00
0
The above subsidiary is included in the consolidated financial statements.
In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,958,115
3,655,398
1,064,727
3,163,824
Amounts owed by group undertakings
-
-
658,917
64,186
Other debtors
108,349
152,929
20,177
36,724
Prepayments and accrued income
2,132,388
2,151,365
1,876,628
1,939,751
4,198,852
5,959,692
3,620,449
5,204,485
Amounts falling due after more than one year:
Prepayments and accrued income
907,821
1,110,587
907,821
1,110,587
Total debtors
5,106,673
7,070,279
4,528,270
6,315,072
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,617,024
2,848,629
1,203,637
2,040,586
Corporation tax payable
98,801
84,643
21,891
47,097
Other taxation and social security
269,126
279,552
255,783
278,371
Other creditors
186,968
138,364
36,261
Accruals and deferred income
5,710,737
5,500,577
4,673,069
4,694,476
7,882,656
8,851,765
6,190,641
7,060,530
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Deferred income
1,023,649
1,444,687
1,023,649
1,444,687
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
91,442
36,144
Retirement benefit obligations
(2,612)
(1,857)
88,830
34,287
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
91,442
36,144
Retirement benefit obligations
(2,612)
(1,857)
88,830
34,287
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
34,287
34,287
Charge to profit or loss
54,543
54,543
Liability at 30 September 2023
88,830
88,830
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
155,895
155,350
Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
21
Share-based payment transactions
The company operates an equity-settled Enterprise Management Incentive (EMI) share option plan under which options have been granted to employees.
Issue of 3,356 share options are to be exercised at any time between 14 September 2021 and 1 January 2029, subject to a minimum employment period. A further 1,038 options may be exercised at the point of the sale of the company, the number of which will depend upon the proceeds received for this sale.
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 October 2022
3,356
4,828
15.65
15.64
Exercised
-
(1,472)
-
-
Outstanding at 30 September 2023
3,356
3,356
15.64
-
Exercisable at 30 September 2023
3,356
3,356
15.64
15.64
The expenses and associated adjustments to equity related to the share option plan are calculated using a capitalisation of earnings method, which is felt to be the most appropriate method of valuing the options of a privately-owned profitable trading company. The directors have excluded the expenses and adjustments to equity from the financial statements on the basis that they are not material.
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of 1p each
75,800
75,800
758
758
"B" Ordinary shares of 1p each
18,900
18,900
189
189
94,700
94,700
947
947
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain properties and equipment.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
163,513
112,738
100,000
41,667
Between two and five years
210,114
338,335
183,333
283,333
373,627
451,073
283,333
325,000
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
933,141
1,201,343
Other information
All subsidiary undertakings are wholly-owned and as such the group has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.
25
Directors' transactions
At the balance sheet date, directors of the company owed £40,910 (2022 - £45,737) to the group. During the prior year loans of £115,000 were waived.
During the year, directors purchased fixed assets from the company for a total amount of £77,334.
BLUESOURCE INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
435,191
161,426
Adjustments for:
Taxation charged
142,618
53,599
Finance costs
81
12
Investment income
(26,937)
(348)
Loan written off
115,000
Loss on disposal of tangible fixed assets
5,126
-
Amortisation and impairment of intangible assets
174
-
Depreciation and impairment of tangible fixed assets
58,910
84,322
Foreign exchange gains on cash equivalents
28,588
(123,800)
Movements in working capital:
Decrease/(increase) in debtors
1,963,606
(1,626,163)
(Decrease)/increase in creditors
(1,356,827)
1,616,243
(Decrease)/increase in deferred income
(47,478)
886,394
Cash generated from operations
1,203,052
1,166,685
27
Analysis of changes in net funds - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
4,253,685
669,877
4,923,562
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