Company registration number 03784800 (England and Wales)
SYSTECH GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SYSTECH GROUP LIMITED
COMPANY INFORMATION
Directors
Mark Woodward-Smith
Karen Vinten-Hughes
Secretary
Karen Vinten-Hughes
Company number
03784800
Registered office
150 Minories
London
EC3N 1LS
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
SYSTECH GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 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 - 29
SYSTECH GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their strategic report and financial statements for the year ended 31 March 2024.

Fair review of the business

 

The core business of Systech International ("the group") continues to be the provision of professional consultancy services in the specialist fields of risk analysis, contract management, quantity surveying, planning, project controls, claims preparation & evaluation, forensic delay analysis, expert witness services, legal and dispute resolution, including arbitration, adjudication, mediation and other alternative dispute resolution processes.

 

Systech International continues to be the preferred consultant for international contractors requiring a “one stop shop" approach to managing the risk and financial outcome on their major projects. However, Systech’s most rapidly growing international client base continues to be on the “client” side in particular in Canada and Australia. The business is now organising globally to segregate and keep separate these two business streams under the banners of “Systech International” for contractor business, and “Systech Infrastructure” for client-side business. These will sit alongside “Systech Law”, Systech’s construction law business. The group’s law firm continues to be an important part of the “one stop shop” that Systech offers to its clients and we expect ongoing growth in this area.

 

We continue to focus on profitable business sectors and regions that provide long term opportunities for growth with clients that are able and willing to pay within terms. This continued emphasis on winning top tier clients maintains the quality of our pipeline and its related revenue stream.

 

Disruption to the global economy continues with impacts of the COVID pandemic still affecting ways of working and delivery of services to clients whilst conflicts in Ukraine and the Middle East disrupt global supply chains and the business and political confidence that underpins major construction projects. We continue to adapt well to the challenges and respond to the opportunities that arise. Uncertainties also exist in the second half of the calendar year 2024 and in to 2025 as the potential impacts of elections in the US and the UK are unclear. I am confident that we will respond to any new developments with our usual pragmatism, innovation and speed. Construction sector trends have been varied globally and the company continues to identify the challenges and opportunities arising and responds to them. The Group continues to build its business organically and continues to adapt and evolve to meet the changing requirements of these challenging economic times.

 

This realistic pro-active approach to market access continues to have a positive impact on underlying profitability & cash flow.

 

Group turnover for the year to 31 March 2024 was £54.4 million (2023 - £53.1 million) with a gross profit margin of 40.2% (2023: 42.0%).

SYSTECH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

 

The group is exposed to economic and market risks including foreign currency risk and the effects that economic changes have upon the construction industry. However, the group is very well positioned to respond to both upturns and downturns in the construction sector in that its services are readily adapted to assisting clients in the sector dependent on their needs in good times or bad. Additionally, the group's approach to resourcing means that it can respond quickly to shifts in demand, both to growth and contraction.

 

New ways of working consequent on the COVID 19 pandemic continue to impact on the Group’s risk profile. Systech’s risk management regime has continued to be responsive to these issues and is identifying, tracking and monitoring the response to risks arising.

 

The group is exposed to several important operational risks some of which are brought to the forefront of awareness because of legislation, in particular the UK Bribery Act 2010, the Modern Slavery Act 2015 and the Criminal Finances Act 2017. The group takes its responsibilities to prevent wrongdoing seriously, has procedures in place to prevent such wrongdoing, and reviews those procedures from time to time.

 

Risks relating to the use and storage of information on IT systems are often underestimated and the group keeps these under regular review. The changes in the way the group works have seen a huge shift away from physical IT infrastructure to a Cloud based approach to IT delivery. This changes both the risk profile and the ability of systems to respond to the business’s requirements. The impacts of this shift are still being evaluated and will give rise to further systems changes to improve service levels and data security.

 

In current volatile market conditions, the potential impact of foreign currency exchange rate movements on the group's results is a real risk. However, the group has two structural mechanisms that substantially reduce any impacts:

 

 

 

Cost inflation has in the last two and a half years been a much more important risk to the business than hitherto. We worked with our staff, our suppliers and service providers to manage cost inflation during this period and are now seeing inflationary pressures beginning to ease. However, the business continues to focus on management of suppliers and service provider costs.

 

The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the group. The main purpose of these instruments is to finance the group's operations.

 

Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is as follows:

 

 

 

In respect of loans to the group, these comprise short term facilities secured against trade debtors.

 

 

 

 

 

SYSTECH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

Mark Woodward-Smith
Director
30 July 2024
SYSTECH GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their report and financial statements for the year ended 31 March 2024.

Directors

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

 

Mark Woodward-Smith
Karen Vinten-Hughes
Results and dividends

The results for the year are set out on page 9.

There were no ordinary dividends paid out during the year.

Future developments
Likely future developments in the business of the group are discussed in the strategic report.
Auditor
Beavis Morgan Audit 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 to 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mark Woodward-Smith
Director
30 July 2024
SYSTECH GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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.

SYSTECH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYSTECH GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Systech Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

 

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

SYSTECH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SYSTECH GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

SYSTECH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SYSTECH GROUP LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

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

 

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. We have undertaken appropriate testing in regard to the group's compliance with certain core regulations.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
31 July 2024
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
SYSTECH GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
54,389,058
53,095,162
Cost of sales
(32,504,483)
(30,777,429)
Gross profit
21,884,575
22,317,733
Administrative expenses
(21,580,005)
(22,269,602)
Operating profit
5
304,570
48,131
Interest receivable and similar income
6
5,355
683
Interest payable and similar expenses
9
(290,586)
(69,146)
Profit/(loss) before taxation
19,339
(20,332)
Tax credit/(charge)
10
-
0
-
0
Profit/(loss) for the financial year
19,339
(20,332)
Other comprehensive income
Currency translation differences
(4,485)
40,622
Total comprehensive income for the year
14,854
20,290
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SYSTECH GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
122,787
245,576
Tangible assets
14
27,369
63,025
150,156
308,601
Current assets
Debtors
15
12,497,283
11,392,717
Cash at bank and in hand
912,407
1,152,002
13,409,690
12,544,719
Creditors: amounts falling due within one year
16
(8,907,444)
(8,225,772)
Net current assets
4,502,246
4,318,947
Total assets less current liabilities
4,652,402
4,627,548
Provisions for liabilities
19
(10,000)
-
Net assets
4,642,402
4,627,548
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
4,641,402
4,626,548
Total equity
4,642,402
4,627,548
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
Mark Woodward-Smith
Director
SYSTECH GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
18,968
23,128
Investments
11
614,154
614,154
633,122
637,282
Current assets
Debtors
15
12,634,938
26,424,932
Cash at bank and in hand
272,191
759,613
12,907,129
27,184,545
Creditors: amounts falling due within one year
16
(8,908,748)
(24,007,978)
Net current assets
3,998,381
3,176,567
Total assets less current liabilities
4,631,503
3,813,849
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
4,630,503
3,812,849
Total equity
4,631,503
3,813,849

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 £817,654 (2023: £840,455 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
Mark Woodward-Smith
Director
Company Registration No. 03784800
SYSTECH GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
4,606,258
4,607,258
Year ended 31 March 2023:
Loss for the year
-
(20,332)
(20,332)
Other comprehensive income:
Currency translation differences
-
40,622
40,622
Total comprehensive income
-
20,290
20,290
Balance at 31 March 2023
1,000
4,626,548
4,627,548
Year ended 31 March 2024:
Profit for the year
-
19,339
19,339
Other comprehensive income:
Currency translation differences
-
(4,485)
(4,485)
Total comprehensive income
-
14,854
14,854
Balance at 31 March 2024
1,000
4,641,402
4,642,402
SYSTECH GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
2,972,394
2,973,394
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
840,455
840,455
Balance at 31 March 2023
1,000
3,812,849
3,813,849
Year ended 31 March 2024:
Profit and total comprehensive income
-
817,654
817,654
Balance at 31 March 2024
1,000
4,630,503
4,631,503
SYSTECH GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
313,733
(96,364)
Interest paid
(290,586)
(69,146)
Net cash inflow/(outflow) from operating activities
23,147
(165,510)
Investing activities
Purchase of tangible fixed assets
(11,029)
(5,787)
Repayment of loans
-
100,360
Interest received
5,355
683
Net cash (used in)/generated from investing activities
(5,674)
95,256
Financing activities
(Repayment)/proceeds from borrowings
393,298
(32,293)
Payment of finance lease obligations
(6,112)
(12,430)
Net cash generated from/(used in) financing activities
387,186
(44,723)
Net increase/(decrease) in cash and cash equivalents
404,659
(114,977)
Cash and cash equivalents at beginning of year
512,233
586,588
Effect of foreign exchange rates
(4,485)
40,622
Cash and cash equivalents at end of year
912,407
512,233
Relating to:
Cash at bank and in hand
912,407
1,152,002
Bank overdrafts included in creditors payable within one year
-
(639,769)
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Systech Group Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 150 Minories, London, England, EC3N 1LS.

 

The group consists of Systech Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pounds 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 company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

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. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Systech Group 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 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

 

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

The group's business activities, together with the factors likely to affect its future development, performance and position, the group's objectives, policies and processes for managing its capital; its financial risk management objectives; and details of its financial instruments and its exposure to risk are set out in the Strategic Review on pages 1 to 3.

 

The company meets its day-to-day working capital requirement through bank overdraft and short term secured facilities available to the group.

 

The directors are in regular contact with the group's bankers and have had the group's facilities recently renewed. The next review of the facilities is due in March 2025. The directors are not aware of any factors at the date of approval of these financial statements why its facilities would not be maintained on similar terms at the next review date.

 

The directors therefore have a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4
Turnover

Turnover represents amounts receivable for services provided, net of VAT. Turnover is recognised as contract activity progresses which is billed on a monthly basis.

Revenue from the sale of services is recognised when the significant risks and rewards of deliverables have passed to the buyer (usually on delivery of service), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off over its revised estimated useful life of 5 years on a straight line basis.

1.6
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line or length of the lease if shorter.
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line
Motor vehicles
25% 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.

1.7
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.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors, cash at bank balances and balances owed by fellow group members 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.

Impairment of financial assets

Financial assets 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.

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 overdrafts and balances due to fellow group members, 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.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.10
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.

1.11
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

 

The cost of providing benefits under long-term employee benefit plans is based on the present value of the obligations at the balance-sheet date.

1.13
Retirement benefits

The group operates retirement schemes in countries where legislation requires it to do so. None of these schemes are defined benefits schemes that carry any actuarial risk.

Contributions payable are charged to the profit and loss account in the year they are payable or are accrued with respect to the year they relate to.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

 

Consolidation of foreign subsidiaries has been effected using the closing rate/net investment method. For subsidiary companies reporting in foreign currencies, profit and loss account transactions have been translated at the average rate ruling during the year and balance sheet items have been translated at the rate ruling at the year-end. Differences arising from the retranslation of net investments in foreign subsidiaries are taken to other comprehensive income.

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.

 

These would be in respect of the carrying value of investments and goodwill, bad debt provision, depreciation, impairment provisions against asset values and mark-up percentage in relation to transfer pricing.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Consultancy fees
54,389,058
53,095,162
2024
2023
£
£
Turnover analysed by geographical market
UK
8,419,777
9,312,405
Europe, Middle East and Africa
15,406,233
13,455,936
Asia Pacific
11,395,696
13,125,037
Americas
19,167,352
17,201,784
54,389,058
53,095,162
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
31,475
25,025
Audit of the financial statements of the company's subsidiaries
138,604
95,085
170,079
120,110
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
259,510
(115,204)
Depreciation of owned tangible fixed assets
34,754
22,073
Loss on disposal of tangible fixed assets
10,255
-
Amortisation of intangible assets
122,789
122,789
Operating lease charges
278,749
392,325
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,355
683
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Professional
99
118
2
2
Administration
32
29
-
-
131
147
2
2
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
32,903,700
34,812,361
-
0
-
Social security costs
1,298,153
1,289,283
-
-
Pension costs
451,415
403,397
-
0
-
0
34,653,268
36,505,041
-
0
-
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
3,993,477
4,301,330
Company pension contributions to defined contribution schemes
-
5,529
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
3,693,477
4,007,862
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
51,033
17,942
Interest on short term finance facility arrangements
239,553
51,204
Total finance costs
290,586
69,146
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Taxation

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

2024
2023
£
£
Profit/(loss) before taxation
19,339
(20,332)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
3,674
(3,863)
Tax effect of expenses that are not deductible in determining taxable profit
30,744
30,860
Tax effect of different tax rates in overseas jurisdictions
(383,069)
(685,144)
Non-recognition of deferred tax asset
348,651
658,147
Taxation charge
-
-

At the balance sheet date the group had world wide taxable losses of approximately £22,913,448 (2023: £22,912,991) that can be offset against future profits.

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
614,154
614,154
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
614,154
Carrying amount
At 31 March 2024
614,154
At 31 March 2023
614,154
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Systech Law Pty Limited
Australia
Ordinary
-
100.00
Systech Contractors (2017) Limited
England and Wales 3
Ordinary
100.00
-
Systech Europe Limited
England and Wales 3
Ordinary
100.00
-
Systech Group Employees Limited
England and Wales 3
Ordinary
100.00
-
Systech International (M) Sdn.Bdn. 1, 5
Malaysia
Ordinary
-
100.00
Systech International Consultoria Ltda 1
Brazil
Ordinary
-
100.00
Systech International FZ LLC
UAE
Ordinary
-
100.00
Systech International Inc
Canada
Ordinary
-
100.00
Systech International Inc 1
USA
Ordinary
-
100.00
Systech International Limited
England and Wales 3
Ordinary
100.00
-
Systech International Limited
Hong Kong
Ordinary
-
100.00
Systech Infrastructure Limited 4
England and Wales 3
Ordinary
100.00
-
Systech International LLC 2, 5
Qatar
Ordinary
-
49.00
Systech International Pte Limited 1
Singapore
Ordinary
-
100.00
Systech International Pty Limited
Australia
Ordinary
-
100.00
Systech Expert Witness Services Limited (UK) 4
England and Wales 3
Ordinary
100.00
-
Systech Limited
England and Wales 3
Ordinary
100.00
-
Systech Regional Services (APAC) Limited
Hong Kong
Ordinary
-
100.00
Systech Law Limited
England and Wales 3
Ordinary
100.00
-
Systech Infrastructure Inc.
Canada
Ordinary
-
100.00
Systech Project Management Limited
England and Wales 3
Ordinary
100.00
-
Systech Technical Resources Pty Limited 4
Australia
Ordinary
-
100.00
Systech International Newco Pty 4
Australia
Ordinary
-
100.00

1. Financial statements were unaudited for the year ended 31 March 2024 and the year ended 31 March 2023.

 

2. Although the group only owns 49% of the share capital in Systech International LLC, the remaining 51% is held by a local company in accordance with local statute. The group maintains control through the agreements in place with the 51% shareholder.

 

3. The registered office address of the subsidiaries is 150 Minories, London, England, EC3N 1LS

 

4. These are dormant companies.

 

5. In liquidation.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,413,738
Amortisation and impairment
At 1 April 2023
1,168,162
Amortisation charged for the year
122,789
At 31 March 2024
1,290,951
Carrying amount
At 31 March 2024
122,787
At 31 March 2023
245,576
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
14
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
61,027
52,035
232,864
30,369
376,295
Additions
2,519
-
0
8,510
-
0
11,029
Disposals
(31,235)
-
0
-
0
(30,369)
(61,604)
At 31 March 2024
32,311
52,035
241,374
-
0
325,720
Depreciation and impairment
At 1 April 2023
28,237
50,011
204,653
30,369
313,270
Depreciation charged in the year
19,243
2,024
13,487
-
0
34,754
Eliminated in respect of disposals
(18,461)
-
0
-
0
(30,369)
(48,830)
Exchange adjustments
(843)
-
0
-
0
-
0
(843)
At 31 March 2024
28,176
52,035
218,140
-
0
298,351
Carrying amount
At 31 March 2024
4,135
-
0
23,234
-
0
27,369
At 31 March 2023
32,790
2,024
28,211
-
0
63,025
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 25 -
Company
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
5,905
216,982
30,369
253,256
Additions
-
0
8,510
-
0
8,510
Disposals
-
0
-
0
(30,369)
(30,369)
At 31 March 2024
5,905
225,492
-
0
231,397
Depreciation and impairment
At 1 April 2023
5,451
194,308
30,369
230,128
Depreciation charged in the year
140
12,530
-
0
12,670
Eliminated in respect of disposals
-
0
-
0
(30,369)
(30,369)
At 31 March 2024
5,591
206,838
-
0
212,429
Carrying amount
At 31 March 2024
314
18,654
-
0
18,968
At 31 March 2023
454
22,674
-
0
23,128
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,885,247
8,392,188
-
478
Amounts owed by group undertakings
-
-
12,452,321
26,243,155
Other debtors
1,402,448
1,052,965
3,261
-
0
Prepayments and accrued income
2,209,588
1,947,564
179,356
181,299
12,497,283
11,392,717
12,634,938
26,424,932
SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank overdrafts
18
-
0
639,769
-
0
-
0
Obligations under finance leases
17
-
0
6,112
-
0
6,112
Other borrowings
18
2,823,673
2,430,375
-
0
-
0
Trade creditors
579,234
199,859
58,310
115,612
Amounts owed to group undertakings
-
0
-
0
8,142,410
23,359,115
Other taxation and social security
854,685
1,019,469
74,383
148,259
Other creditors
2,392,913
1,967,568
595,436
366,855
Accruals and deferred income
2,256,939
1,962,620
38,209
12,025
8,907,444
8,225,772
8,908,748
24,007,978

 

 

17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
6,112
-
0
6,112
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
639,769
-
0
-
0
Short term secured facilities
2,823,673
2,430,375
-
0
-
0
2,823,673
3,070,144
-
-
Payable within one year
2,823,673
3,070,144
-
0
-
0

The short term facilities and overdrafts are secured over the underlying assets of the group.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for net cost of potential claims against the group
10,000
-
-
-
Movements on provisions:
Group
£
Additional provisions in the year
10,000
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
451,415
403,397

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.

21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
751
751
Ordinary B shares of £1 each
249
249
1,000
1,000
22
Financial commitments, guarantees and contingent liabilities

The group has in place arrangements where each UK member of the group guarantees the borrowing of its fellow UK group companies.

 

At 31 March 2024, bank balances across the UK group totalled £292,723 (2023: £124,841).

 

Additionally there is a cross company guarantee between Systech Group Limited and all of its subsidiary undertakings, in respect of amounts owed by Systech Limited, Systech Europe Limited, Systech International Inc, Systech Infrastructure Inc and Systech International Pty Limited relating to short term financing facilities.

 

The amount guaranteed under this agreement at 31 March 2024 was £2,823,673 (2023: £2,430,375) which is secured by a fixed and floating charge over the assets of the group.

 

 

 

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
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
2024
2023
2024
2023
£
£
£
£
Within one year
98,324
191,516
-
-
Between two and five years
5,387
66,232
-
-
103,711
257,748
-
-
24
Controlling party

The company does not have a parent undertaking. The ultimate controlling party is S P Rayment.

25
Related party transactions
Transactions with related parties

Included within creditors at the balance sheet date was £144,309 (2023: £118,156) owed to Mark Woodward-Smith. During the year, he advanced amounts totalling £1,870,250 (2023: £nil) to, and received repayments of £1,845,250 (2023: £nil) from the group. The group also advanced amounts totalling £120,513 (2023: £502,888) and received repayments of £121,666 (2023: £640,721). These loans are unsecured, interest-free, and repayable on demand.

 

Also included within creditors at the balance sheet date was £438,071 (2023: £240,746) owed to the ultimate controlling party. During the year, the ultimate controlling party advanced amounts totalling £5,612,250 (2023: £nil) to, and received repayments of £5,537,250 (2023: £nil) from the group. The group also advanced amounts totalling £2,141,158 (2023: £1,512,990) and received repayments of £2,263,483 (2023: £1,834,359). These loans are unsecured, interest-free, and repayable on demand.

 

All advances were approved by the shareholders of the company and any outstanding balances are not interest-bearing.

 

During the year £9,877,065 (2023: £11,995,617) of remuneration was paid to key management personnel other than the directors.

 

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures", and has not disclosed transactions with any other members of the group.

SYSTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
26
Analysis of changes in net debt - group
1 April 2023
Cash flows
Exchange rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
1,152,002
(235,110)
(4,485)
912,407
Bank overdrafts
(639,769)
639,769
-
-
0
512,233
404,659
(4,485)
912,407
Borrowings excluding overdrafts
(2,430,375)
(393,298)
-
(2,823,673)
Obligations under finance leases
(6,112)
6,112
-
-
(1,924,254)
17,473
(4,485)
(1,911,266)
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
19,339
(20,332)
Adjustments for:
Finance costs
290,586
69,146
Investment income
(5,355)
(683)
Loss on disposal of tangible fixed assets
10,255
-
Amortisation and impairment of intangible assets
122,789
122,789
Depreciation and impairment of tangible fixed assets
34,754
22,073
Increase in provisions
10,000
-
Movements in working capital:
Increase in debtors
(1,104,566)
(106,104)
Increase/(decrease) in creditors
935,931
(183,253)
Cash generated from/(absorbed by) operations
313,733
(96,364)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Mark Woodward-SmithKaren Vinten-HughesKaren Vinten-Hughesfalsefalse03784800bus:Consolidated2023-04-012024-03-31037848002023-04-012024-03-3103784800bus:Director12023-04-012024-03-3103784800bus:CompanySecretaryDirector12023-04-012024-03-3103784800bus:CompanySecretary12023-04-012024-03-3103784800bus:Director22023-04-012024-03-3103784800bus:RegisteredOffice2023-04-012024-03-3103784800bus:Consolidated2024-03-31037848002024-03-3103784800bus:Consolidated2022-04-012023-03-31037848002022-04-012023-03-3103784800core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-012024-03-3103784800core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-012023-03-3103784800core:Goodwillbus:Consolidated2024-03-3103784800core:Goodwillbus:Consolidated2023-03-3103784800bus:Consolidated2023-03-31037848002023-03-3103784800core:LeaseholdImprovementsbus:Consolidated2024-03-3103784800core:FurnitureFittingsbus:Consolidated2024-03-3103784800core:ComputerEquipmentbus:Consolidated2024-03-3103784800core:MotorVehiclesbus:Consolidated2024-03-3103784800core:LeaseholdImprovementsbus:Consolidated2023-03-3103784800core:FurnitureFittingsbus:Consolidated2023-03-3103784800core:ComputerEquipmentbus:Consolidated2023-03-3103784800core:MotorVehiclesbus:Consolidated2023-03-3103784800core:FurnitureFittings2024-03-3103784800core:ComputerEquipment2024-03-3103784800core:MotorVehicles2024-03-3103784800core:FurnitureFittings2023-03-3103784800core:ComputerEquipment2023-03-3103784800core:MotorVehicles2023-03-3103784800core:ShareCapitalbus:Consolidated2024-03-3103784800core:ShareCapitalbus:Consolidated2023-03-3103784800core:ShareCapital2024-03-3103784800core:ShareCapital2023-03-3103784800core:RetainedEarningsAccumulatedLosses2024-03-3103784800core:ShareCapitalbus:Consolidated2022-03-31037848002022-03-3103784800core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3103784800core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3103784800core:ShareCapital2022-03-3103784800core:RetainedEarningsAccumulatedLosses2022-03-3103784800core:RetainedEarningsAccumulatedLosses2023-03-3103784800core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103784800core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103784800bus:Consolidated2022-03-3103784800core:Goodwill2023-04-012024-03-3103784800core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3103784800core:FurnitureFittings2023-04-012024-03-3103784800core:ComputerEquipment2023-04-012024-03-3103784800core:MotorVehicles2023-04-012024-03-3103784800core:Goodwillbus:Consolidated2023-03-3103784800core:Goodwillbus:Consolidated2023-04-012024-03-3103784800core:LeaseholdImprovementsbus:Consolidated2023-03-3103784800core:FurnitureFittingsbus:Consolidated2023-03-3103784800core:ComputerEquipmentbus:Consolidated2023-03-3103784800core:MotorVehiclesbus:Consolidated2023-03-3103784800bus:Consolidated2023-03-3103784800core:FurnitureFittings2023-03-3103784800core:ComputerEquipment2023-03-3103784800core:MotorVehicles2023-03-31037848002023-03-3103784800core:LeaseholdImprovementsbus:Consolidated2023-04-012024-03-3103784800core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3103784800core:ComputerEquipmentbus:Consolidated2023-04-012024-03-3103784800core:MotorVehiclesbus:Consolidated2023-04-012024-03-3103784800core:CurrentFinancialInstruments2024-03-3103784800core:CurrentFinancialInstruments2023-03-3103784800core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3103784800core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3103784800core:WithinOneYearbus:Consolidated2024-03-3103784800core:WithinOneYearbus:Consolidated2023-03-3103784800core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3103784800core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3103784800core:WithinOneYear2024-03-3103784800core:WithinOneYear2023-03-3103784800bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103784800bus:FRS1022023-04-012024-03-3103784800bus:Audited2023-04-012024-03-3103784800bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3103784800bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP