Bud Financial Limited
Annual Report and Financial Statements
For the year ended 30 November 2023
Company Registration No. 09651629 (England and Wales)
Bud Financial Limited
Company Information
Directors
E Maslaveckas
G Dunning
S Fink
R S Bhatia
M Meunier
G Russell
(Appointed 29 February 2024)
K Fielding
(Appointed 1 April 2024)
Company number
09651629
Registered office
5th Floor
167-169 Great Portland Street
London
W1W 5PF
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bud Financial Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
Bud Financial Limited
Strategic Report
For the year ended 30 November 2023
Page 1

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The principal activity of Bud Financial Limited and its subsidiaries (the “Group”) during the year was, and will continue to be, the development of technological solutions to enable banks and other financial institutions to harness the power of Open Banking with Artificial Intelligence (AI) to enhance their customers’ experience of financial products and services with data intelligence capabilities.

 

The Group has had a successful year despite continued pressures on the economic climate. The Group established another overseas subsidiary in February 2023, Bud Financial UAB, which is in the final stages of becoming regulated by the Bank of Lithuania. This will in turn enable expansion across the EU market.

 

The Group successfully secured additional funding in early 2023, as part of its Series B fundraise, to support its expansion into overseas markets primarily focusing on the US and EU.

Trading Performance - Key Performance Indicators and Review

The results and financial statements presented are for the year ended 30 November 2023, with prior year comparatives.

 

The directors consider annual recurring revenue (ARR), new customer acquisition and existing customer account growth as the key financial metrics against which the performance of the Group is measured. ARR increased by 21% due to growth in customer numbers, expansion of existing contracts and cross-selling of additional products.

 

ARR is forecast to grow significantly during 2024, as certain deals delayed from 2023 turn into signed contracts and the investment made in new markets, particularly the US, begins to pay off.

Financial Results

The Group’s administrative expenses increased slightly in the first half of the period. Costs decreased in the second half of the year as the Group adopted a more prudent stance. The Group had a net loss for the year of £14.8m (2022: £12.6m) reflective of the growth stage of the Group.

 

The Group did not pay a dividend for the year ended 30 November 2023 (2022: £nil). Payment of dividends will be reviewed annually.

Prospects

The directors are optimistic about the future growth of the business and continued progress towards profitability. Revenues are currently being generated in the UK and US markets and both markets, plus the EU, have significant potential for growth in 2024.

 

The Series B investment provided robust foundations to enable the continued growth of the Group’s products and services, and support the expansion into the aforementioned markets. The Group has identified significant opportunities and target customers in these regions and has an exciting product roadmap ahead to support high growth.

 

Bud Financial Limited
Strategic Report (Continued)
For the year ended 30 November 2023
Page 2
Principal risks and uncertainties

The directors have overall responsibility for identifying, evaluating and managing major business risks. They regularly assess the business risks exposure and control including compliance assessments and determine any appropriate action required. Principal business risks reviewed include allocation of responsibilities and control environment, financial control, regulatory and compliance controls and IT systems.

 

On behalf of the board

E Maslaveckas
Director
2 April 2024
Bud Financial Limited
Directors' Report
For the year ended 30 November 2023
Page 3

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company and group continued to be that of a technology platform provider.

Directors

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

E Maslaveckas
G Dunning
S Fink
R S Bhatia
M Meunier
S Saha
(Appointed 26 January 2023 and resigned 1 November 2023)
D Gkiokas
(Appointed 30 January 2023 and resigned 29 February 2024)
D Goslett
(Appointed 15 November 2023 and resigned 31 March 2024)
G Russell
(Appointed 29 February 2024)
K Fielding
(Appointed 1 April 2024)
Results and dividends

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

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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
E Maslaveckas
Director
2 April 2024
Bud Financial Limited
Directors' Responsibilities Statement
For the year ended 30 November 2023
Page 4

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

 

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

 

 

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

Bud Financial Limited
Independent Auditor's Report
To the Members of Bud Financial Limited
Page 5
Opinion

We have audited the financial statements of Bud Financial Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Bud Financial Limited
Independent Auditor's Report (Continued)
To the Members of Bud Financial Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

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

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Bud Financial Limited
Independent Auditor's Report (Continued)
To the Members of Bud Financial Limited
Page 7
Auditor's responsibilities for the audit of the financial statements

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

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

 

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

 

Bud Financial Limited
Independent Auditor's Report (Continued)
To the Members of Bud Financial Limited
Page 8

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

fraud

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

including fraud is detailed below.

 

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

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

Rebecca Shields (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
9 April 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Bud Financial Limited
Group Statement of Comprehensive Income
For the year ended 30 November 2023
Page 9
2023
2022
Notes
£
£
Turnover
3
2,138,966
2,027,414
Cost of sales
(1,713,106)
(1,729,432)
Gross profit
425,860
297,982
Administrative expenses
(17,128,845)
(14,526,043)
Operating loss
5
(16,702,985)
(14,228,061)
Interest receivable and similar income
8
616,915
62,585
Interest payable and similar expenses
9
-
0
(8,714)
Loss before taxation
(16,086,070)
(14,174,190)
Tax on loss
10
1,324,075
1,585,602
Loss for the financial year
(14,761,995)
(12,588,588)
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.
Bud Financial Limited
Group Balance Sheet
As at 30 November 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
106,376
139,524
Current assets
Debtors
14
2,429,107
2,635,935
Cash at bank and in hand
13,897,477
21,567,619
16,326,584
24,203,554
Creditors: amounts falling due within one year
15
(1,243,373)
(1,589,155)
Net current assets
15,083,211
22,614,399
Net assets
15,189,587
22,753,923
Capital and reserves
Called up share capital
18
3,077
2,824
Share premium account
63,587,810
56,456,934
Profit and loss reserves
(48,401,300)
(33,705,835)
Total equity
15,189,587
22,753,923
The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
02 April 2024
E Maslaveckas
Director
Bud Financial Limited
Company Balance Sheet
As at 30 November 2023
30 November 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
93,727
131,517
Investments
12
2,278
57
96,005
131,574
Current assets
Debtors
14
5,375,555
3,075,526
Cash at bank and in hand
12,876,647
21,548,970
18,252,202
24,624,496
Creditors: amounts falling due within one year
15
(1,162,643)
(1,507,374)
Net current assets
17,089,559
23,117,122
Net assets
17,185,564
23,248,696
Capital and reserves
Called up share capital
18
3,077
2,824
Share premium account
63,587,810
56,456,934
Profit and loss reserves
(46,405,323)
(33,211,062)
Total equity
17,185,564
23,248,696

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £13,260,791 (2022 - £12,149,487 loss).

The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
02 April 2024
E Maslaveckas
Director
Company Registration No. 09651629 (England and Wales)
Bud Financial Limited
Group Statement of Changes in Equity
For the year ended 30 November 2023
Page 12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
1,800
24,780,927
(24,137,026)
645,701
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
-
(12,588,588)
(12,588,588)
Issue of share capital
18
1,024
31,676,007
-
31,677,031
Credit to equity for equity settled share-based payments
17
-
-
3,019,779
3,019,779
Balance at 30 November 2022
2,824
56,456,934
(33,705,835)
22,753,923
Year ended 30 November 2023:
Loss and total comprehensive income for the year
-
-
(14,761,995)
(14,761,995)
Issue of share capital
18
253
7,130,876
-
7,131,129
Credit to equity for equity settled share-based payments
17
-
-
66,530
66,530
Balance at 30 November 2023
3,077
63,587,810
(48,401,300)
15,189,587
Bud Financial Limited
Company Statement of Changes in Equity
For the year ended 30 November 2023
Page 13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
1,800
24,780,927
(24,081,354)
701,373
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
-
(12,149,487)
(12,149,487)
Issue of share capital
18
1,024
31,676,007
-
31,677,031
Credit to equity for equity settled share-based payments
17
-
-
3,019,779
3,019,779
Balance at 30 November 2022
2,824
56,456,934
(33,211,062)
23,248,696
Year ended 30 November 2023:
Loss and total comprehensive income for the year
-
-
(13,260,791)
(13,260,791)
Issue of share capital
18
253
7,130,876
-
7,131,129
Credit to equity for equity settled share-based payments
17
-
-
66,530
66,530
Balance at 30 November 2023
3,077
63,587,810
(46,405,323)
17,185,564
Bud Financial Limited
Group Statement of Cash Flows
For the year ended 30 November 2023
Page 14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(16,947,528)
(12,077,703)
Interest paid
-
0
(8,714)
Income taxes refunded
1,585,602
1,233,438
Net cash outflow from operating activities
(15,361,926)
(10,852,979)
Investing activities
Purchase of tangible fixed assets
(56,260)
(110,626)
Interest received
616,915
62,585
Net cash generated from/(used in) investing activities
560,655
(48,041)
Financing activities
Proceeds from issue of shares
7,131,129
31,677,032
Net cash generated from financing activities
7,131,129
31,677,032
Net (decrease)/increase in cash and cash equivalents
(7,670,142)
20,776,012
Cash and cash equivalents at beginning of year
21,567,619
791,607
Cash and cash equivalents at end of year
13,897,477
21,567,619
Bud Financial Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 15
1
Accounting policies
Company information

Bud Financial Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5th Floor, 167-169 Great Portland Street, London, W1W 5PF.

 

The group consists of Bud Financial 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 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
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 16

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

Given the equity financing obtained during the prior year, at the time of approving the financial statements the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Office equipment
3 years straight line
Other equipment
1 year 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.

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 17
1.7
Fixed asset investments

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

 

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 18

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.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 19
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 20
Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.11
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.

1.12
Taxation

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

Current tax

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

Deferred tax

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

 

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

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 21
1.13
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.

1.14
Retirement benefits

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

1.15
Share-based payments

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

 

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

 

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

1.16
Leases

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

1.17
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.

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 22
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.

Share-based payment transactions

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date they were granted. The fair value is determined using the Black-Scholes model.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Technology services
2,138,966
2,027,414
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
2,089,164
1,593,956
Rest of the world
49,802
433,458
2,138,966
2,027,414
2023
2022
£
£
Other revenue
Interest income
616,915
62,585
4
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
40,410
24,000
Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 23
5
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
33,825
50,747
Depreciation of owned tangible fixed assets
80,188
59,925
Loss on disposal of tangible fixed assets
235
-
Share-based payments
66,530
3,019,779
Operating lease charges
410,494
260,823
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
108
86
105
84

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,716,091
9,745,730
9,316,489
9,553,237
Social security costs
1,241,347
900,015
1,239,677
900,015
Pension costs
411,962
288,921
392,085
270,094
11,369,400
10,934,666
10,948,251
10,723,346
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
325,332
308,333
Company pension contributions to defined contribution schemes
30,000
13,417
355,332
321,750

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
7
Directors' remuneration
(Continued)
Page 24
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
176,099
158,155
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
616,915
62,585

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
616,915
62,585
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on convertible loan notes
-
0
8,714
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(1,324,075)
(1,585,602)
Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
10
Taxation
(Continued)
Page 25

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

2023
2022
£
£
Loss before taxation
(16,086,070)
(14,174,190)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
(3,701,405)
(2,693,096)
Tax effect of expenses that are not deductible in determining taxable profit
1,854
403
Research and development tax credit
1,324,075
1,585,602
Other permanent differences
690,665
(1,135,698)
Share based payment charge
15,309
573,758
Group adjustments
345,427
83,429
Taxation credit
(1,324,075)
(1,585,602)
11
Tangible fixed assets
Group
Office equipment
Other equipment
Total
£
£
£
Cost
At 1 December 2022
488,149
2,051
490,200
Additions
46,118
10,142
56,260
Disposals
(11,110)
(10,676)
(21,786)
At 30 November 2023
523,157
1,517
524,674
Depreciation and impairment
At 1 December 2022
349,297
1,379
350,676
Depreciation charged in the year
76,895
3,293
80,188
Eliminated in respect of disposals
(8,527)
(4,039)
(12,566)
At 30 November 2023
417,665
633
418,298
Carrying amount
At 30 November 2023
105,492
884
106,376
At 30 November 2022
138,852
672
139,524
Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
11
Tangible fixed assets
(Continued)
Page 26
Company
Office equipment
Other equipment
Total
£
£
£
Cost
At 1 December 2022
478,818
2,051
480,869
Additions
36,605
10,142
46,747
Disposals
(11,110)
(10,676)
(21,786)
At 30 November 2023
504,313
1,517
505,830
Depreciation and impairment
At 1 December 2022
347,973
1,379
349,352
Depreciation charged in the year
72,024
3,293
75,317
Eliminated in respect of disposals
(8,527)
(4,039)
(12,566)
At 30 November 2023
411,470
633
412,103
Carrying amount
At 30 November 2023
92,843
884
93,727
At 30 November 2022
130,845
672
131,517
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,278
57
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
57
Additions
2,221
At 30 November 2023
2,278
Carrying amount
At 30 November 2023
2,278
At 30 November 2022
57
Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 27
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bud APAC Pty Limited
Level 16, Tower 2, Darling Park, 201 Sussex Street, Sydney, NSW, Australia
Ordinary shares
100.00
Bud Financial, Inc.
108 Lakeland Avenue, Dover, Kent, Delaware, 19901, United States
Ordinary shares
100.00
Bud Financial, UAB
Jogailos st. 9, Vilnius, Lithuania
Ordinary shares
100.00
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
97,992
150,799
97,992
150,799
Unpaid share capital
119,855
119,855
119,855
119,855
Corporation tax recoverable
1,324,075
1,585,602
1,324,075
1,585,602
Amounts owed by group undertakings
-
-
3,044,873
497,306
Other debtors
173,407
400,642
74,906
343,123
Prepayments and accrued income
713,778
379,037
713,854
378,841
2,429,107
2,635,935
5,375,555
3,075,526
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
297,971
437,411
281,071
404,960
Other taxation and social security
313,800
274,839
310,867
269,909
Other creditors
71,575
73,473
63,336
70,465
Accruals and deferred income
560,027
803,432
507,369
762,040
1,243,373
1,589,155
1,162,643
1,507,374
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
411,962
288,921

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 28
17
Share-based payment transactions
Company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 December 2022
318,178
199,916
2.32
2.86
Granted
129,843
172,518
3.63
1.56
Forfeited
(28,665)
(25,561)
2.02
1.56
Exercised
(27,127)
(28,695)
1.66
2.22
Outstanding at 30 November 2023
392,229
318,178
2.86
2.32
Exercisable at 30 November 2023
244,764
128,004
2.71
3.23

The weighted average share price at the date of exercise for share options exercised during the year was £1.66 (2022: £30.89).

The options outstanding at 30 November 2023 had an exercise price ranging from £1.56 to £18.53, and a remaining contractual life of between 6 months and 3 years.

 

At the balance sheet date, directors hold 171,251 (2022: 171,251) share options that were in issue during the period. The average weighted market value of these options at the grant date was £25.53 and they have an average weighted exercise price of £4.30.

Company

The weighted average fair value of options granted during the year was £30.04 (2022: £31.80). Fair value was measured using the Black-Scholes option pricing model.

Inputs were as follows:
2023
2022
Weighted average share price
30.05
31.80
Weighted average exercise price
1.66
1.56
Expected volatility
0.44
0.46
Expected life
3.00
3.00
Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
66,530
3,019,779
66,530
3,019,779
Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 29
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
474,875
474,875
475
475
Ordinary B shares of 0.1p each
333,304
306,177
333
306
808,179
781,052
808
781
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference C shares of 0.1p each
165,518
165,518
166
166
Preference D shares of 0.1p each
375,123
375,123
375
375
Preference D2 shares of 0.1p each
143,146
143,146
143
143
Preference E shares of 0.1p each
1,581,043
1,355,207
1,581
1,355
Issued and not fully paid
Preference E shares of 0.1p each
4,317
4,317
4
4
2,269,147
2,043,311
2,269
2,043
Preference shares classified as equity
2,269
2,043
Total equity share capital
3,077
2,824

During the year:

 

Nil (2022: 25,144) Ordinary A shares of 0.1p each were sold and re-designated as Preference E shares.

 

Nil (2022: 16,562) Ordinary B shares of 0.1p each were sold and re-designated as Preference E shares.

 

27,127 (2022: 18,517) Ordinary B shares of 0.1p each were granted to employees on exercise of their share options held. In 2022, these shares were re-designated as Preference E shares.

 

Nil (2022: 3,928) Ordinary B shares of 0.1p each were granted to employees on exercise of their share options held.

 

Nil (2022: 297,076) Preference D3 shares of 0.1p each were converted to Preference E shares of 0.1p each.

 

230,153 (2022: 1,002,225) Preference E shares of 0.1p each were issued.

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 30
19
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
296,000
-
296,000
-
296,000
-
296,000
20
Related party transactions

As at the balance sheet date, an amount of £5,894 (2022: £nil) is included in trade debtors relating to a balance due from a related company by virtue of a shared common directorship.

 

As at the balance sheet date, an amount of £4,878 (2022: £60,735) is included in other debtors relating to amounts due from directors.

 

Also, during the year, income of £21,244 (2022: £nil) was received from a related company by virtue of a shared common directorship.

21
Controlling party

There is not deemed to be one single controlling party.

Bud Financial Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 31
22
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(14,761,995)
(12,588,588)
Adjustments for:
Taxation credited
(1,585,602)
(1,233,438)
Finance costs
-
0
8,714
Investment income
(616,915)
(62,585)
Other movement on fixed assets
9,220
4
Depreciation and impairment of tangible fixed assets
80,188
59,925
Equity settled share based payment expense
66,530
3,019,779
Movements in working capital:
Decrease/(increase) in debtors
206,828
(696,349)
Decrease in creditors
(345,782)
(585,165)
Cash absorbed by operations
(16,947,528)
(12,077,703)
23
Analysis of changes in net funds - group
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
21,567,619
(7,670,142)
13,897,477
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