Company registration number 14771570 (England and Wales)
PROJECT CARIBOU BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PROJECT CARIBOU BIDCO LIMITED
COMPANY INFORMATION
Directors
Mr S P O Baber
(Appointed 15 May 2023)
Mr S G Browne
(Appointed 31 March 2023)
Mr N J Coburn
(Appointed 15 May 2023)
Mr G Botha
(Appointed 15 May 2023)
Mr I D McKenzie
(Appointed 15 May 2023)
Company number
14771570
Registered office
2 Winmarleigh Street
Warrington
WA1 1NB
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
PROJECT CARIBOU BIDCO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
PROJECT CARIBOU BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -

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

Review of the business

The group has performed strongly in the period to 30 November 2023. Revenue for the year was £9,167k. EBITDA (earnings before interest, tax, depreciation and amortisation) was £1,155k.

 

On the 15th May 2023, 100% of the shares in Resulting Limited were acquired by Project Caribou Bidco Limited. Total cash consideration of £11,975k was payable upon completion with additional deferred payment of £1,722k payable at a future date. Additionally, shares in Project caribou Bidco Limited were additionally issued as consideration to the Shareholders of Resulting Limited.

Principal risks and uncertainties

Liquidity risk

 

The company's policy is to perform thorough reviews of its working capital position in addition to thorough cash flow forecasting. This allows the company to take mitigating action if required. There is continuous ongoing assessment of cash requirements

 

Resourcing risk

 

The company is heavily reliant on people in order to meet its contractual obligations with its customers. The approach taken by management is to offer a substantial employee value proposition with a range of benefits. Management continuously engages with employees to ensure that employees feel valued and are appropriately rewarded and developed. Additionally, detailed resource plans are maintained to evaluate the resource requirements of the business and allow appropriate recruitment where required.

 

Credit Risk

 

The company’s credit risk is primarily associated with its trade debtor position. The strategy of the business is to engage with large, financially secure customers. Due to the nature of services provided, the company has limited risk of bad debt. Aged debt position is reviewed on a weekly basis so that mitigating actions can be taken if any issues arise.

Key performance indicators

Revenue (£'000)

9,167

EBITDA (£'000)

1,155

Average number of employees

61

On behalf of the board

Mr S P O Baber
Director
23 August 2024
PROJECT CARIBOU BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company is that of a management company. The principal activity of the group is information technology consulting services.

Results and dividends

The results for the period are set out on page 7.

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

Directors

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

Mr S P O Baber
(Appointed 15 May 2023)
Mr S G Browne
(Appointed 31 March 2023)
Mr N J Coburn
(Appointed 15 May 2023)
Mr G Botha
(Appointed 15 May 2023)
Mr I D McKenzie
(Appointed 15 May 2023)
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S P O Baber
Director
23 August 2024
PROJECT CARIBOU BIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -

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.

PROJECT CARIBOU BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT CARIBOU BIDCO LIMITED
- 4 -
Opinion

We have audited the financial statements of Project Caribou Bidco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2023 which comprise the group profit and loss account, 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.

PROJECT CARIBOU BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT CARIBOU BIDCO LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the group and 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.

Matters on which we are required to report by exception

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.

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, is detailed below:

PROJECT CARIBOU BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT CARIBOU BIDCO LIMITED
- 6 -

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

Use of our report

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

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
23 August 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
PROJECT CARIBOU BIDCO LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
7 months
ended
30 November
2023
Notes
£
Turnover
3
9,166,983
Cost of sales
(5,684,459)
Gross profit
3,482,524
Administrative expenses
(3,351,525)
Operating profit
4
130,999
Interest receivable and similar income
7
8,411
Interest payable and similar expenses
8
(613,441)
Loss before taxation
(474,031)
Tax on loss
9
325,827
Loss for the financial period
(148,204)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
PROJECT CARIBOU BIDCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
7 months
ended
30 November
2023
£
Loss for the period
(148,204)
Other comprehensive income
-
Total comprehensive income for the period
(148,204)
Total comprehensive income for the period is all attributable to the owners of the parent company.
PROJECT CARIBOU BIDCO LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
Notes
£
£
Fixed assets
Goodwill
10
15,226,130
Other intangible assets
10
2,579,525
Total intangible assets
17,805,655
Tangible assets
11
490,632
18,296,287
Current assets
Debtors
14
3,722,559
Cash at bank and in hand
3,073,843
6,796,402
Creditors: amounts falling due within one year
15
(2,751,915)
Net current assets
4,044,487
Total assets less current liabilities
22,340,774
Creditors: amounts falling due after more than one year
16
(11,415,759)
Provisions for liabilities
Deferred tax liability
18
659,327
(659,327)
Net assets
10,265,688
Capital and reserves
Called up share capital
21
200,883
Share premium account
10,213,684
Capital redemption reserve
(675)
Profit and loss reserves
(148,204)
Total equity
10,265,688

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
Mr S P O Baber
Director
Company registration number 14771570 (England and Wales)
PROJECT CARIBOU BIDCO LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
Notes
£
£
Fixed assets
Investments
12
25,067,177
Current assets
Debtors
14
133,938
Creditors: amounts falling due within one year
15
(354,683)
Net current liabilities
(220,745)
Total assets less current liabilities
24,846,432
Creditors: amounts falling due after more than one year
16
(11,415,759)
Net assets
13,430,673
Capital and reserves
Called up share capital
21
200,883
Share premium account
10,213,684
Capital redemption reserve
(675)
Profit and loss reserves
3,016,781
Total equity
13,430,673

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 £3,016,781.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
Mr S P O Baber
Director
Company registration number 14771570 (England and Wales)
PROJECT CARIBOU BIDCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 March 2023
-
-
-
-
-
Period ended 30 November 2023:
Loss and total comprehensive income
-
-
-
(148,204)
(148,204)
Issue of share capital
21
200,883
-
0
-
-
200,883
Redemption of shares
21
-
-
(675)
-
(675)
Other movements
-
10,213,684
-
-
10,213,684
Balance at 30 November 2023
200,883
10,213,684
(675)
(148,204)
10,265,688
PROJECT CARIBOU BIDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 March 2023
-
-
-
-
-
Period ended 30 November 2023:
Profit and total comprehensive income
-
-
-
3,016,781
3,016,781
Issue of share capital
21
200,883
-
0
-
-
200,883
Redemption of shares
21
-
-
(675)
-
(675)
Other movements
-
10,213,684
-
-
10,213,684
Balance at 30 November 2023
200,883
10,213,684
(675)
3,016,781
13,430,673
PROJECT CARIBOU BIDCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 13 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,728,283
Investing activities
Purchase of tangible fixed assets
(36,308)
Purchase of subsidiaries, net of cash acquired
(7,971,053)
Interest received
8,411
Net cash used in investing activities
(7,998,950)
Financing activities
Proceeds from issue of shares
113,252
Redemption of shares
(675)
Issue of loan notes
9,231,933
Net cash generated from/(used in) financing activities
9,344,510
Net increase in cash and cash equivalents
3,073,843
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
3,073,843
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 14 -
1
Accounting policies
Company information

Project Caribou Bidco Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 2 Winmarleigh Street, Warrington, WA1 1NB.

 

The group consists of Project Caribou Bidco Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements have been prepared for a 7 month period, to align with the reporting date for the group.

1.2
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 the parent member of a group which prepares these consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
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.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Project Caribou Bidco 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 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.

1.5
Going concern

After reviewing the group’s forecasts and projections, which cover the 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. These forecasts and projections have considered a downside scenario in contracts awarded however, management have also identified mitigating actions that could be taken to ensure that the company has sufficient funds to meet liabilities as they fall due over the next 12 months. At the balance sheet date, the group had £3,074k in cash. Management are confident that the cash requirements of the business will be met throughout the outlook period. The group therefore continues to adopt the going concern basis in preparing its financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The revenue of the group comprises the provision of services relating to both time and material contracts, and fixed price contracts.

 

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -

For fixed price contracts, revenue is recognised based on stage of completion against agreed performance obligations within the relevant client contracts.

 

For time and materials contracts, revenue is recognised when services are provided to the client at an amount that reflects the consideration to which the group is entitled in exchange for those services.

 

The revenue of the company consists of management charges due from subsidiaries and is accounted for on an accruals basis.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Brand
10 years
Order book
4 years
1.9
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:

Freehold land and buildings
50 years
Plant and equipment
3-10 years

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.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
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.

1.11
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.

1.12
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.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.13
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.

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.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

1.14
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.

1.15
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.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.16
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.

1.17
Retirement benefits

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

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 21 -
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.

Critical judgements

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

Amortisation of intangibles upon consolidation (brand and order book)

In determining the appropriate amortisation rates for the group’s assets, management reviews the operating policies of the business and makes judgements as to the applicable useful economic lives of the assets, considering residual values.

Amortisation of Goodwill

Goodwill was calculated based on the consideration paid for the subsidiary and their net assets on purchase. Management have considered an appropriate timescale for the amortisation of this goodwill and the charge is based on the initial goodwill calculated.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Delivery services
8,782,990
Expenses
311,310
Software
50,599
Other
22,084
9,166,983
2023
£
Other revenue
Interest income
8,411
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 22 -
4
Operating profit
2023
£
Operating profit for the period is stated after charging:
Exchange losses
2,301
Fees payable to the group's auditor for the audit of the group's financial statements
3,000
Depreciation of owned tangible fixed assets
23,382
Amortisation of intangible assets
1,000,850
5
Employees

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

Group
Company
2023
2023
Number
Number
61
5

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
2,690,136
280,633
Social security costs
573,342
-
Pension costs
83,882
13,803
3,347,360
294,436
6
Directors' remuneration
2023
£
Remuneration for qualifying services
579,103
Company pension contributions to defined contribution schemes
13,803
592,906
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
£
Remuneration for qualifying services
71,132
7
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
8,411
8
Interest payable and similar expenses
2023
£
Other interest on financial liabilities
613,441
9
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
(11,517)
Deferred tax
Origination and reversal of timing differences
(37,183)
Tax losses carried forward
(277,127)
Total deferred tax
(314,310)
Total tax credit
(325,827)
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
9
Taxation
(Continued)
- 24 -

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

2023
£
Loss before taxation
(474,031)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(118,508)
Tax effect of expenses that are not deductible in determining taxable profit
259,654
Deferred tax on acquisition not included
(141,146)
Release of deferred tax relating to intangibles
(48,700)
Other movement in respect of losses
(277,127)
Taxation credit
(325,827)
10
Intangible fixed assets
Group
Goodwill
Brand
Order book
Total
£
£
£
£
Cost
At 31 March 2023
-
0
-
0
-
0
-
0
Additions
16,027,505
1,972,000
807,000
18,806,505
At 30 November 2023
16,027,505
1,972,000
807,000
18,806,505
Amortisation and impairment
At 31 March 2023
-
0
-
0
-
0
-
0
Amortisation charged for the period
801,375
98,600
100,875
1,000,850
At 30 November 2023
801,375
98,600
100,875
1,000,850
Carrying amount
At 30 November 2023
15,226,130
1,873,400
706,125
17,805,655
The company had no intangible fixed assets at 30 November 2023.
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 31 March 2023
-
0
-
0
-
0
Additions
-
0
36,308
36,308
Business combinations
422,043
55,663
477,706
At 30 November 2023
422,043
91,971
514,014
Depreciation and impairment
At 31 March 2023
-
0
-
0
-
0
Depreciation charged in the period
4,649
18,733
23,382
At 30 November 2023
4,649
18,733
23,382
Carrying amount
At 30 November 2023
417,394
73,238
490,632
The company had no tangible fixed assets at 30 November 2023.
12
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
13
-
0
25,067,177
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 March 2023
-
Additions
25,067,177
At 30 November 2023
25,067,177
Carrying amount
At 30 November 2023
25,067,177
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 26 -
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
Resulting Limited
2 Winmarleigh Street, Warrington, WA1 1NB
Ordinary
100.00
14
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
3,060,731
-
0
Corporation tax recoverable
48,525
-
0
Other debtors
179,363
133,938
Prepayments and accrued income
120,269
-
0
3,408,888
133,938
Deferred tax asset (note 18)
313,671
-
0
3,722,559
133,938
15
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Trade creditors
821,875
-
0
Amounts owed to group undertakings
-
0
191,264
Other taxation and social security
409,569
-
Deferred income
19
59,917
-
0
Accruals and deferred income
1,460,554
163,419
2,751,915
354,683
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Other borrowings
17
9,443,955
9,443,955
Other creditors
1,971,804
1,971,804
11,415,759
11,415,759
PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 27 -
17
Loans and overdrafts
Group
Company
2023
2023
£
£
Loans from related parties
9,443,955
9,443,955
Payable after one year
9,443,955
9,443,955

The long-term loans are secured by a fixed and floating charge against the assets and liabilities of the company.

 

18
Deferred taxation

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

Liabilities
Assets
2023
2023
Group
£
£
Accelerated capital allowances
25,027
-
Tax losses
-
297,506
Intangible fixed assets
634,300
-
Short term timing differences
-
16,165
659,327
313,671
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Asset at 31 March 2023
-
-
Charge to profit or loss
345,656
-
Liability at 30 November 2023
345,656
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 28 -
19
Deferred income
Group
Company
2023
2023
£
£
Other deferred income
59,917
-
20
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
83,882

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.

21
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary of £1 each
92,252
92,252
B Ordinary of £1 each
62,284
62,284
C Ordinary of £1 each
27,064
27,064
D Ordinary of £1 each
13,665
13,665
E Ordinary of £1 each
4,618
4,618
F Ordinary of £1 each
1,000
1,000
200,883
200,883

On incorporation, 1 ordinary share of £1 was issued at par. On 15 May 2023 that share was converted to an A Ordinary share.

 

Furthermore on 15 May 2023 the following shares were allotted:

 

92,252 A Ordinary shares of £1 each at par

62,283 B Ordinary shares of £1 each for nominal value of £100 each

27,064 C Ordinary shares of £1 each for nominal value of £100 each

13,665 D Ordinary shares of £1 each for nominal value of £100 each

4,618 E Ordinary shares of £1 each for nominal value of £4.33 each

1,000 F Ordinary shares of £1 each at par

 

On 9 October 2023, 675 D Ordinary shares of £1 each were repurchased by the company and are held in treasury at year end.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 29 -
22
Acquisition of a business

On 15 May 2024 the group acquired 100% of the issued capital of Resulting Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
508,658
(30,951)
477,707
Trade and other receivables
3,464,828
-
3,464,828
Cash and cash equivalents
4,177,015
895,990
5,073,005
Trade and other payables
(1,812,946)
-
(1,812,946)
Tax liabilities
(589,537)
330,617
(258,920)
Total identifiable net assets
5,748,018
1,195,656
6,943,674
Goodwill
18,123,503
Total consideration
25,067,177
The consideration was satisfied by:
£
Cash
11,974,833
Issue of shares
10,301,315
Deferred consideration
1,721,804
Professional fees
1,069,225
25,067,177
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
9,371,992
Profit after tax
1,226,943

Included within the goodwill arising on acquisition was £1,972,000 relating to the brand of the subsidiary and £807,000 relating to the order book. These amounts have been recognised as separate intangible assets and have been amortised in accordance with their expected useful economic lives. The remaining goodwill balance of £16,710,505 relates to anticipated profits of the subsidiary going forward.

PROJECT CARIBOU BIDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 30 -
23
Cash generated from/(absorbed by) group operations
2023
£
Loss for the period after tax
(148,204)
Adjustments for:
Taxation credited
(325,827)
Finance costs
613,441
Investment income
(8,411)
Amortisation and impairment of intangible assets
1,000,850
Depreciation and impairment of tangible fixed assets
23,382
Movements in working capital:
Decrease in debtors
55,940
Increase in creditors
517,112
Cash generated from/(absorbed by) operations
1,728,283
24
Analysis of changes in net debt - group
31 March 2023
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
-
3,073,843
3,073,843
Borrowings excluding overdrafts
-
(9,443,955)
(9,443,955)
-
(6,370,112)
(6,370,112)
2023-11-302023-03-31falseCCH SoftwareCCH Accounts Production 2024.100Mr S P O BaberMr S G BrowneMr N J CoburnMr G BothaMr I D McKenziefalse14771570bus:Consolidated2023-03-312023-11-30147715702023-03-312023-11-3014771570bus:Director12023-03-312023-11-3014771570bus:Director22023-03-312023-11-3014771570bus:Director32023-03-312023-11-3014771570bus:Director42023-03-312023-11-3014771570bus:Director52023-03-312023-11-3014771570bus:RegisteredOffice2023-03-312023-11-30147715702023-11-3014771570bus:Consolidated2023-11-3014771570core:Goodwillbus:Consolidated2023-11-3014771570core:OtherResidualIntangibleAssetsbus:Consolidated2023-11-3014771570core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-11-3014771570core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-11-3014771570core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-3014771570core:PlantMachinerybus:Consolidated2023-11-3014771570core:ShareCapitalbus:Consolidated2023-11-3014771570core:SharePremiumbus:Consolidated2023-11-3014771570core:CapitalRedemptionReservebus:Consolidated2023-11-3014771570core:ShareCapital2023-11-3014771570core:SharePremium2023-11-3014771570core:CapitalRedemptionReserve2023-11-3014771570core:RetainedEarningsAccumulatedLosses2023-11-3014771570core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-11-3014771570core:ShareCapitalbus:Consolidated2023-03-312023-11-3014771570core:SharePremiumbus:Consolidated2023-03-312023-11-3014771570core:ShareCapital2023-03-312023-11-3014771570core:SharePremium2023-03-312023-11-3014771570core:Goodwill2023-03-312023-11-3014771570core:IntangibleAssetsOtherThanGoodwill2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-03-312023-11-3014771570core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-312023-11-3014771570core:PlantMachinery2023-03-312023-11-3014771570core:UKTaxbus:Consolidated2023-03-312023-11-3014771570bus:Consolidated12023-03-312023-11-3014771570bus:Consolidated22023-03-312023-11-3014771570bus:Consolidated32023-03-312023-11-3014771570core:Goodwillbus:Consolidated2023-03-3014771570core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-3014771570core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-3014771570bus:Consolidated2023-03-3014771570core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-312023-11-3014771570core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-312023-11-3014771570core:Goodwillbus:Consolidated2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-312023-11-3014771570core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-312023-11-3014771570core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3014771570core:PlantMachinerybus:Consolidated2023-03-3014771570core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-312023-11-3014771570core:PlantMachinerybus:Consolidated2023-03-312023-11-3014771570core:CurrentFinancialInstruments2023-11-3014771570core:CurrentFinancialInstrumentsbus:Consolidated2023-11-3014771570core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-11-3014771570core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3014771570core:Non-currentFinancialInstrumentsbus:Consolidated2023-11-3014771570core:Non-currentFinancialInstruments2023-11-3014771570core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-11-3014771570core:Non-currentFinancialInstrumentscore:AfterOneYear22023-11-3014771570core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-11-3014771570core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3014771570bus:PrivateLimitedCompanyLtd2023-03-312023-11-3014771570bus:FRS1022023-03-312023-11-3014771570bus:Audited2023-03-312023-11-3014771570bus:ConsolidatedGroupCompanyAccounts2023-03-312023-11-3014771570bus:FullAccounts2023-03-312023-11-30xbrli:purexbrli:sharesiso4217:GBP