Company Registration No. 07407815 (England and Wales)
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
COMPANY INFORMATION
Directors
D Wylie
N C Williams
Company number
07407815
Registered office
1650 Parkway
Whiteley
Hampshire,
PO15 7AH
Accountants
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 13
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 October 2023.
Principal activities
The principal activity of the company is that of a credit data and software development house, specialising in open banking, data orchestration and automated decision technology.
The directors are very pleased with the operating performance of the company this year, particularly in the context of the continuing wider economic pressures of rapidly rising inflation and interest rates during this year, geopolitical uncertainty and a tight labour market. The headline revenue and profitability performance shows a continued increase in turnover and this increasing and stable recurring revenue has allowed the company to invest in measures to secure its long term expansion plans and profitability. These in year expenses have impacted profits as expected however a one-off charge to the accounts associated with the write off of a loan to a related company has impacted the in year profit & loss and the balance sheet. The directors have extensive visibility of the following year and predict a very strong performance.
The directors and senior management team recognise the importance of innovation and the company has therefore this year invested more than ever before in growth and R&D by following the long term roadmap devised in constant collaboration with its engaged and diverse customer base. Significant product enhancements have been received very well by existing customers and have been instrumental in winning record levels of new business, most notably in the building society sector. Further such enhancements and new product streams are planned during 2024 alongside geographical expansion.
The directors are further pleased to report that its strategic relationships with Equifax Limited and Experian Limited remain strong and in harmony with the company’s broad spectrum of product offerings.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Wylie
N C Williams
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the Board
N C Williams
Director
30 July 2024
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PERFECT DATA SOLUTIONS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Perfect Data Solutions Limited for the year ended 31 October 2023 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Perfect Data Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Perfect Data Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Perfect Data Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perfect Data Solutions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Perfect Data Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Perfect Data Solutions Limited. You consider that Perfect Data Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Perfect Data Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cheesmans
30 July 2024
Chartered Accountants
4 Aztec Row
Berners Road
London
N1 0PW
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
2023
2022
as restated
Notes
£
£
Turnover
1.2
4,237,744
3,762,747
Cost of sales
(1,950,987)
(974,704)
Gross profit
2,286,757
2,788,043
Administrative expenses
(2,669,027)
(1,646,470)
Other operating income
96
Operating (loss)/profit
(382,270)
1,141,669
Interest receivable and similar income
6,571
1,746
Interest payable and similar expenses
846
(Loss)/profit before taxation
(375,699)
1,144,261
Tax on loss/profit
(6,320)
(84,074)
(Loss)/profit for the financial year
(382,019)
1,060,187
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 4 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
73,603
82,192
Tangible assets
5
100,139
102,636
Current assets
Debtors falling due after more than one year
6
684,184
Debtors falling due within one year
6
1,221,610
1,031,282
Cash at bank and in hand
1,264,890
1,096,267
2,486,500
2,811,733
Creditors: amounts falling due within one year
7
(1,044,315)
(927,982)
Net current assets
1,442,185
1,883,751
Total assets less current liabilities
1,615,927
2,068,579
Provisions for liabilities
(25,893)
(19,501)
Net assets
1,590,034
2,049,078
Capital and reserves
Called up share capital
338
338
Share premium account
9,800
9,800
Capital redemption reserve
6
6
Profit and loss reserves
1,579,890
2,038,934
Total equity
1,590,034
2,049,078
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 5 -
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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:
N C Williams
Director
Company Registration No. 07407815
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 October 2022:
Balance at 1 November 2021
344
9,800
1,084,292
1,094,436
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
1,060,187
1,060,187
Dividends
-
-
-
(55,545)
(55,545)
Own shares acquired
-
-
-
(50,000)
(50,000)
Redemption of shares
(6)
6
Balance at 31 October 2022
338
9,800
6
2,038,934
2,049,078
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
-
(382,019)
(382,019)
Dividends
-
-
-
(77,025)
(77,025)
Balance at 31 October 2023
338
9,800
6
1,579,890
1,590,034
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
1
Accounting policies
Company information
Perfect Data Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1650 Parkway, Whiteley, Hampshire,, PO15 7AH.The financial statements cover the company as an individual entity only.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
10 years straight line
Intellectual Property
10 years straight line
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 8 -
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
5 / 4 years straight line
Computer equipment
3 years straight line
Motor vehicles
7 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
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 company’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 deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 10 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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 company’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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
37
31
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
4
Intangible fixed assets
Goodwill
Other
Intellectual Property
Total
£
£
£
£
Cost
At 1 November 2022
21,273
1,430
100,000
122,703
Additions
1,681
1,681
At 31 October 2023
21,273
3,111
100,000
124,384
Amortisation and impairment
At 1 November 2022
21,272
72
19,167
40,511
Amortisation charged for the year
1
269
10,000
10,270
At 31 October 2023
21,273
341
29,167
50,781
Carrying amount
At 31 October 2023
2,770
70,833
73,603
At 31 October 2022
1
1,358
80,833
82,192
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
54,200
97,484
151,684
Additions
1,754
35,907
37,661
Disposals
(1,877)
(1,877)
At 31 October 2023
55,954
131,514
187,468
Depreciation and impairment
At 1 November 2022
25,818
23,230
49,048
Depreciation charged in the year
13,163
26,444
39,607
Eliminated in respect of disposals
(1,326)
(1,326)
At 31 October 2023
38,981
48,348
87,329
Carrying amount
At 31 October 2023
16,973
83,166
100,139
At 31 October 2022
28,382
74,254
102,636
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
642,516
446,592
Other debtors
579,094
584,690
1,221,610
1,031,282
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
684,184
Total debtors
1,221,610
1,715,466
Included in Other Debtors is a loan of £724,430 (2022 £764,676) due from a company controlled by a Director. This loan is unsecured and interest free and is for a period of 20 years. This loan is due to be repaid by October 2040. Subsequent to the year end this company has entered into a formal liquidation process and as such the balance of £724,430 has been provided in full.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
75,265
125,177
Taxation and social security
212,603
256,407
Other creditors
756,447
546,398
1,044,315
927,982
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
265,258
83,854
9
Directors' transactions
Dividends totalling £77,025 (2022 - £48,999) were paid in the year in respect of shares held by the company's directors and companies owned by the directors.
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
10
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2021
2022
Notes
£
£
Adjustments to prior year
Increase to prepayments
1
-
330,854
Increase to deferred income
2
-
(146,641)
Total adjustments
-
184,213
Equity as previously reported
1,094,436
1,864,865
Equity as adjusted
1,094,436
2,049,078
Analysis of the effect upon equity
Profit and loss reserves
-
184,213
Reconciliation of changes in profit for the previous financial period
2022
Notes
£
Adjustments to prior year
Increase to prepayments
1
330,854
Increase to deferred income
2
(146,641)
Total adjustments
184,213
Profit as previously reported
875,974
Profit as adjusted
1,060,187
Notes to reconciliation
1. Increase to prepayments
The increase to prepayments is due to a new accounting policy on revenue recognition in the year where commission and implementation costs are now released over the term of the contracts they relate to. This new policy has been applied to the year ended 31 October 2022 and the appropriate adjustments made to prepayments and cost of sales.
2. Increase to deferred income
The increase to deferred income is due to a new accounting policy on revenue recognition in the year where contracts that have a build fee charged for their implementation costs are to be released over the implementation period. This new policy has been applied to the year ended 31 October 2022 and the appropriate adjustments made to deferred income and sales.
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