Company Registration No. 07985439 (England and Wales)
Ikan Projects Limited
Annual report and
group financial statements
for the year ended 31 March 2024
Ikan Projects Limited
Company information
Directors
Kerry Overman
Robert Gilbert
Nicholas Seaton
Neil Goodhead
Company number
07985439
Registered office
The Chapel
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Ikan Projects Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
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 - 30
Ikan Projects Limited
Strategic report
For the year ended 31 March 2024
1

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

During the year we have continued to develop several divisions within the wider Group whilst maintaining a seamless and ‘one team’ mentality.

 

The central London property market continues to be strong and provides many opportunities for our increasing services offering. The Group continues to have a strong forward order book and good visibility of future prospects which continues to be predominantly based on the central London market and data centres.

 

The projects division is the source of many of the opportunities and has broadened our client base to diversify risk and assist in growing all aspects of our business.

 

The networking division have been rebranded to ‘Connect’ and strengthened to provide more depth technically and to ensure the increased workloads can be maintained to our exacting quality. Key personnel have been TUPE’d into Electracom from Trusol and we also have sold the Trusol business back to the management team as the remaining business was not aligned with our core business targets.

 

The support and services division continues with a heathy growth projection maximising the potential of the increased services that we are now delivering. They are also utilising the new technologies and software that is implemented at the project stage to improve efficiencies in delivery and increasing the value of each contract. We will look to take further advantage of these opportunities by added additional services relating to building performance and reporting. We continue to increase the services that we offer to the landlord and tenants alike and ensure their spaces are efficient, compliant and well managed.

 

Our energy division continues to grow and we have further plans to develop these opportunities in the coming years.

 

With the strong order book and visibility of future opportunities we are well placed to continue strong and steady growth in the coming years and provide class leading services to our clients.

Principal risks and uncertainties

We do not foresee any significant risk to our continued growth in the coming years. We already have a strong order book and many future opportunities that we have identified are funded, progressing through planning or have appointed contractors in place. The market seems stable and the demand for high quality office and data centre space remains strong within the areas we are working.

 

Good quality resource remains a concern across the entire construction market, we have put in place a training plan across all skill sets that we require and are confident that this will not be a constraint to our plans.

 

We continue to add specialist services to our offering, which is assisting with revenue growth, whilst giving us a unique position in the market. Margins remain stable and we have strong control over costs.

Development and performance

The key to our growth in recent years has been the willingness to develop new skills and deliver new services in a positive and professional manner. We continue to train and upskill our team and look for improved ways to deliver these services. This has enabled us to maintain and improve performance across all aspects of the business.

Key performance indicators

The Group’s key performance indicators are sales revenues and gross profit as set out in the accounts. Sales revenues continues to grow at £17,510,444 (2023: £13,224,107) and margins have been maintained at 30.0% (2023: 30%).

Ikan Projects Limited
Strategic report (continued)
For the year ended 31 March 2024
2
Business relationships

We have strong and well established business relationships with our supply chain and clients alike. During the year we have increased our client base significantly which provides a sound base for future growth.

 

Community and environment

We continue to review and invest in our engagement with our employees, clients, supply chain and third parties setting our own objectives whilst aligning with our clients and complying with any associated regulations and industry standards.

 

The Group endeavours to keep its environmental footprint to a minimum.

 

We work closely with local communities and continue to look at resourcing labour from the local area near our sites, where possible. We support various charities through our teams and relationships.

Business conduct

The Group has strong values and behaves with integrity at all times, which is supported and shared by all employees.

On behalf of the board

Kerry Overman
Director
2 August 2024
Ikan Projects Limited
Directors' report
For the year ended 31 March 2024
3

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

Principal activities

The principal activity of the group continued to be that of maintaining and installing building management systems; electrical contractor works; wired telecommunications and provision of consultancy services.

Results and dividends

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

Ordinary dividends were paid amounting to £357,246. The directors do not recommend payment of a further dividend.

Directors

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

Kerry Overman
Robert Gilbert
Nicholas Seaton
Neil Goodhead
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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.

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.

Ikan Projects Limited
Directors' report (continued)
For the year ended 31 March 2024
4
On behalf of the board
Kerry Overman
Director
2 August 2024
Ikan Projects Limited
Independent auditor's report
To the members of Ikan Projects Limited
5
Opinion

We have audited the financial statements of Ikan Projects 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 statement of financial position, the company statement of financial position, 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

Ikan Projects Limited
Independent auditor's report (continued)
To the members of Ikan Projects Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

Ikan Projects Limited
Independent auditor's report (continued)
To the members of Ikan Projects Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

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.

Ikan Projects Limited
Independent auditor's report (continued)
To the members of Ikan Projects Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Andrew Watkinson (Senior Statutory Auditor)
For and on behalf of Saffery LLP
2 August 2024
Chartered Accountants
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
Ikan Projects Limited
Group statement of comprehensive income
For the year ended 31 March 2024
9
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
15,769,397
1,741,047
17,510,444
11,252,959
1,971,148
13,224,107
Cost of sales
(10,976,267)
(1,288,741)
(12,265,008)
(7,808,094)
(1,452,080)
(9,260,174)
Gross profit
4,793,130
452,306
5,245,436
3,444,865
519,068
3,963,933
Administrative expenses
(2,287,765)
(636,705)
(2,924,470)
(1,959,587)
(794,640)
(2,754,227)
Other operating income
3,227
-
3,227
-
-
-
Operating profit
4
2,508,592
(184,399)
2,324,193
1,485,278
(275,572)
1,209,706
Interest receivable and similar income
1,105
-
1,105
509
-
509
Interest payable and similar expenses
(24)
(641)
(665)
(11)
(989)
(1,000)
Other gains and losses
8
(6,473)
-
(6,473)
-
-
-
Profit before taxation
2,503,200
(185,040)
2,318,160
1,485,776
(276,561)
1,209,215
Tax on profit
9
(648,921)
57,109
(591,812)
(222,062)
2,000
(220,062)
Profit for the financial year
1,854,279
(127,931)
1,726,348
1,263,714
(274,561)
989,153
Profit 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.
Ikan Projects Limited
Group statement of financial position
As at 31 March 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
638,192
731,907
Tangible assets
13
23,197
43,383
661,389
775,290
Current assets
Stocks
16
-
75,822
Debtors
17
4,665,997
2,857,289
Cash at bank and in hand
2,770,040
1,222,955
7,436,037
4,156,066
Creditors: amounts falling due within one year
18
(4,222,779)
(2,398,444)
Net current assets
3,213,258
1,757,622
Total assets less current liabilities
3,874,647
2,532,912
Creditors: amounts falling due after more than one year
19
-
(23,367)
Provisions for liabilities
Deferred tax liability
21
-
0
4,000
-
(4,000)
Net assets
3,874,647
2,505,545
Capital and reserves
Called up share capital
23
100
100
Share premium account
1,342,333
1,342,333
Own shares
31
31
Profit and loss reserves
2,532,183
1,163,081
Total equity
3,874,647
2,505,545
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
02 August 2024
Kerry Overman
Director
Company Registration No. 07985439 (England and Wales)
Ikan Projects Limited
Company statement of financial position
As at 31 March 2024
31 March 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
100,000
100,000
Current assets
Debtors
17
217,589
223,125
Cash at bank and in hand
1,498,175
257,152
1,715,764
480,277
Creditors: amounts falling due within one year
18
(807,874)
(562,185)
Net current assets/(liabilities)
907,890
(81,908)
Net assets
1,007,890
18,092
Capital and reserves
Called up share capital
23
100
100
Own shares
31
31
Profit and loss reserves
1,007,759
17,961
Total equity
1,007,890
18,092

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 £1,347,044 (2023 - £808,202 profit).

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 2 August 2024 and are signed on its behalf by:
02 August 2024
Kerry Overman
Director
Company Registration No. 07985439 (England and Wales)
Ikan Projects Limited
Group statement of changes in equity
For the year ended 31 March 2024
12
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
100
1,342,333
31
1,028,931
2,371,395
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
989,153
989,153
Dividends
11
-
-
-
(855,003)
(855,003)
Balance at 31 March 2023
100
1,342,333
31
1,163,081
2,505,545
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,726,348
1,726,348
Dividends
11
-
-
-
(357,246)
(357,246)
Balance at 31 March 2024
100
1,342,333
31
2,532,183
3,874,647
Ikan Projects Limited
Company statement of changes in equity
For the year ended 31 March 2024
13
Share capital
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
31
64,762
64,893
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
808,202
808,202
Dividends
11
-
-
(855,003)
(855,003)
Balance at 31 March 2023
100
31
17,961
18,092
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,347,044
1,347,044
Dividends
11
-
-
(357,246)
(357,246)
Balance at 31 March 2024
100
31
1,007,759
1,007,890
Ikan Projects 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
2,351,248
(431,359)
Interest paid
(665)
(1,000)
Income taxes paid
(327,460)
(247,423)
Net cash inflow/(outflow) from operating activities
2,023,123
(679,782)
Investing activities
Purchase of tangible fixed assets
(9,004)
(13,879)
Proceeds from disposal of tangible fixed assets
-
4,166
Proceeds from disposal of subsidiaries, net of cash disposed
(102,560)
-
Interest received
1,105
509
Net cash used in investing activities
(110,459)
(9,204)
Financing activities
Repayment of bank loans
(8,333)
(10,000)
Dividends paid to equity shareholders
(357,246)
(855,003)
Net cash used in financing activities
(365,579)
(865,003)
Net increase/(decrease) in cash and cash equivalents
1,547,085
(1,553,989)
Cash and cash equivalents at beginning of year
1,222,955
2,776,944
Cash and cash equivalents at end of year
2,770,040
1,222,955
Ikan Projects Limited
Notes to the group financial statements
For the year ended 31 March 2024
15
1
Accounting policies
Company information

Ikan Projects Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is The Chapel, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.

 

The group consists of Ikan Projects 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.

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

The consolidated group financial statements consist of the financial statements of the parent company Ikan Projects 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.

1.3
Going concern

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

1.4
Turnover

Turnover represents revenue recognised by the company in respect to goods and services supplied during the period exclusive of VAT and trade discounts.

 

 

 

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
16
1.5
Long term contracts

Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is estimated on the basis of income applied for on completed works by the company's experienced quantity surveyors.

 

Work in progress is included in the financial statements where costs have been incurred in excess of income on a project, and it is probable that they will be recovered.

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
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities 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 10 years.

1.7
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:

Plant and equipment
25% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
17
1.8
Fixed asset investments

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

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

1.9
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.

 

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.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
18
1.12
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 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, 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, 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.

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
19
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.15
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.

1.16
Retirement benefits

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

1.17
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.

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
20
2
Critical accounting 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stage of completion and expected margin on long term contracts

In preparing the financial statements, it is necessary to estimate the stage of completion, expected profit achievable and recoverability on ongoing long term contracts. This judgement significantly effects revenue, cost of sales, work in progress and accruals.

 

It is the opinion of the directors that the figures shown in the financial statements give a true and fair view of the stage of completion of contracts completed in the period or ongoing at the balance sheet date.

3
Turnover

An analysis of the group's other revenue is as follows:

2024
2023
£
£
Turnover analysed by class of business
Projects
11,471,661
8,221,499
Control services
2,302,072
1,880,509
IT support
1,741,047
1,971,148
Converged solutions
1,995,664
1,150,951
17,510,444
13,224,107

All turnover is derived from sales within the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Research and development costs
-
224,271
Depreciation of owned tangible fixed assets
16,337
17,073
Amortisation of intangible assets
93,715
103,715
Operating lease charges
123,022
127,753
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
21
5
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
6,750
5,000
Audit of the financial statements of the company's subsidiaries
38,450
25,000
45,200
30,000
6
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
Cost of sales
46
43
-
-
Administrative, sales and directors
24
25
-
-
Total
70
68
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,589,810
3,438,205
-
0
-
0
Social security costs
397,845
402,094
-
-
Pension costs
263,575
83,812
-
0
-
0
4,251,230
3,924,111
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
351,939
352,084
Company pension contributions to defined contribution schemes
149,830
20,000
501,769
372,084

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 1).

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
7
Directors' remuneration (continued)
22
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
98,649
99,440
Company pension contributions to defined contribution schemes
48,300
-
8
Other gains and losses
2024
2023
£
£
Loss on disposal of fixed asset investments
(6,473)
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
648,921
222,062
Adjustments in respect of prior periods
(57,109)
-
0
Total current tax
591,812
222,062
Deferred tax
Origination and reversal of timing differences
-
0
(2,000)
Total tax charge
591,812
220,062
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
9
Taxation (continued)
23

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

2024
2023
£
£
Profit before taxation
2,318,160
1,209,215
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
579,540
229,751
Tax effect of expenses that are not deductible in determining taxable profit
45,148
29,156
Permanent capital allowances in excess of depreciation
804
(1,156)
Amortisation on assets not qualifying for tax allowances
23,429
19,706
Research and development tax credit
(51,015)
(55,395)
Under/(over) provided in prior years
(6,094)
-
0
Deferred tax adjustments in respect of prior years
-
0
(2,000)
Taxation charge
591,812
220,062
10
Discontinued operations
Trusol Limited

Discontinued operations relate to the disposal of the group's entire shareholding in subsidiary Trusol Limited on 2 February 2024.

11
Dividends
2024
2023
£
£
Interim paid
357,246
855,003
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
937,147
Amortisation and impairment
At 1 April 2023
205,240
Amortisation charged for the year
93,715
At 31 March 2024
298,955
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
12
Intangible fixed assets (continued)
24
Carrying amount
At 31 March 2024
638,192
At 31 March 2023
731,907
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
90,471
22,944
2,460
61,173
177,048
Additions
9,004
368
3,351
398
13,121
Disposals
(22,541)
(23,312)
(5,811)
(61,571)
(113,235)
At 31 March 2024
76,934
-
0
-
0
-
0
76,934
Depreciation and impairment
At 1 April 2023
56,695
22,008
989
53,973
133,665
Depreciation charged in the year
13,985
224
585
1,543
16,337
Eliminated in respect of disposals
(16,943)
(22,232)
(1,574)
(55,516)
(96,265)
At 31 March 2024
53,737
-
0
-
0
-
0
53,737
Carrying amount
At 31 March 2024
23,197
-
0
-
0
-
0
23,197
At 31 March 2023
33,776
936
1,471
7,200
43,383
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
25
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100,000
100,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
100,000
Carrying amount
At 31 March 2024
100,000
At 31 March 2023
100,000
15
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
Electracom Projects (UK) Limited
The Chapel, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF
Ordinary
100
Electracom Services (UK) Limited
The Chapel, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF
Ordinary
75

On 2 February 2024 the Group disposed its entire shareholding in Trusol Limited and ceased to be a subsidiary with effect from this date.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
-
75,822
-
-
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
26
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,803,145
1,544,074
-
0
-
0
Gross amounts owed by contract customers
1,536,673
934,205
-
0
-
0
Amounts owed by group undertakings
-
-
-
3,247
Other debtors
163,389
212,865
96,608
99,785
Prepayments and accrued income
129,477
132,832
87,668
86,780
4,632,684
2,823,976
184,276
189,812
Amounts falling due after more than one year:
Other debtors
33,313
33,313
33,313
33,313
Total debtors
4,665,997
2,857,289
217,589
223,125
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
-
0
10,800
-
0
-
0
Trade creditors
840,095
980,128
23,861
25,920
Amounts owed to group undertakings
-
0
-
0
759,013
477,813
Corporation tax payable
473,572
156,123
-
0
33,453
Other taxation and social security
129,602
187,293
-
-
Other creditors
89,528
74,816
15,000
14,999
Accruals and deferred income
2,689,982
989,284
10,000
10,000
4,222,779
2,398,444
807,874
562,185
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
23,367
-
0
-
0
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
27
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
34,167
-
0
-
0
Payable within one year
-
0
10,800
-
0
-
0
Payable after one year
-
0
23,367
-
0
-
0

The bank loan was held by subsidiary company Trusol Limited which was disposed of on 2 February 2024.

21
Deferred taxation

The following are the major deferred tax liabilities recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
-
4,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
4,000
-
Transfer on disposal
(4,000)
-
Asset at 31 March 2024
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
263,575
83,812

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.

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
28
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
8,610
8,610
86
86
B Ordinary shares of 1p each
1,390
1,390
14
14
10,000
10,000
100
100

Prescribed particulars:

A Ordinary 1p shares - normal voting rights and dividend participation rights. The shares also entitle the shareholder to participate in any capital distribution.

 

B Ordinary 1p shares - upon vesting pursuant to article 29 of the company's articles of association, each share has full voting rights in the company with respect to voting, dividends and distributions, until such vesting, the shares have no right to to voting at a general meeting, dividends or capital.

24
Disposals

On 2 February 2024 the group disposed of its 100% holding in Trusol Limited.

Net assets disposed of
£
Cash and cash equivalents
102,561
Tangible fixed assets
16,970
Debtors
166,138
Stock
29,120
Creditors: amounts falling due within one year
(340,177)
Creditors: amounts falling due greater than one year
(15,153)
Provisions for liabilities
(4,000)
(44,541)
Gain on disposal
44,542
Total consideration
1
Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
29
25
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
69,623
74,365
-
-
Between two and five years
71,872
107,755
-
-
141,495
182,120
-
-
26
Related party transactions
Transactions with related parties

Dividends totalling £357,246 (2023: £855,003) were paid in the year in respect of shares held by the company's directors and their close family members.

 

During the year remuneration paid to employed family members of the directors totalled £142,732 (2023: £84,720).

 

At 31 March 2024, the directors owed £91,566 (2023: £99,190) to the group. Interest of 2% per annum is charged on overdrawn director loan accounts. During the year £1,032 (2023: £509) on interest was charged on overdrawn director's loans.

 

Ikan Projects Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
30
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,726,348
989,153
Adjustments for:
Taxation charged
591,812
220,062
Finance costs
665
1,000
Investment income
(1,105)
(509)
Gain on disposal of tangible fixed assets
-
(2,072)
Amortisation and impairment of intangible assets
93,715
103,715
Depreciation and impairment of tangible fixed assets
16,337
17,073
Loss on sale of investments
6,473
-
Movements in working capital:
Decrease in stocks
46,702
22,339
Increase in debtors
(1,987,562)
(855,595)
Increase/(decrease) in creditors
1,857,863
(926,525)
Cash generated from/(absorbed by) operations
2,351,248
(431,359)
28
Analysis of changes in net funds - group
1 April 2023
Cash flows
Acquisitions and disposals
31 March 2024
£
£
£
£
Cash at bank and in hand
1,222,955
1,649,645
(102,560)
2,770,040
Borrowings excluding overdrafts
(34,167)
8,333
25,834
-
1,188,788
1,657,978
(76,726)
2,770,040
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2023.300Kerry OvermanRobert GilbertNicholas SeatonNeil 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