Company Registration No. 02650450 (England and Wales)
EUROBASE INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
EUROBASE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
J Wilson
JG Moon
JP Locke
M Wilson
Secretary
JG Moon
Company number
02650450
Registered office
Essex House
2 County Place
Chelmsford
Essex
CM2 0RE
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
EUROBASE INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
EUROBASE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair Review of the Business

Review of the business of the company’s principal activities during the year continued to be the provision of software solutions including development and consultancy services, to Insurance companies, Banks and other Financial Institutions, and staff recruitment services mainly in the IT sector.

 

The key financial and other performance indicators during the year were as follows for the group:

 

 

Y/E March 2024

Y/E March 2023 (as restated)

Turnover*

£13.189m

£12.686m

Operating Loss

(£0.523m)

(£1.549m)

Profit / (Loss) after tax

(£0.107m)

(£0.994m)

Cash at bank and in hand

£8.878m

£8.060m

 

Our insurance business was selected to provide Synergy2 software during the year to new clients in the USA, Africa and Far East, whilst a number of our insurance and banking existing customers committed to upgrades and new developments. However, continued general economic uncertainty continued to impact our banking business with prospective clients continuing to be cautious and delaying in committing to major investment.

We have continued to maintain a strong cash position and still have no debt on our balance sheet.

Eurobase has continued to recognise the impact to the environment and is developing working practices to support the evolving ESG policy. We have signed up to Science Based Target Initiatives which provides companies with clearly defined paths to reduce emissions in line with the Paris Agreement goals. Eurobase was carbon neutral again for the financial year.

Outlook
With the new client wins in our insurance division during the financial year and subsequent new wins during 2023 the insurance business is looking very positive. Across both our banking and insurance businesses we have continued our roadmap investment, including Cloud Hosting, which should place us in a strong position going forward. Our recruitment business continues to work towards winning long term innovative recruitment partnerships within the existing client base and new customers too.

Investment will continue to be made in staffing to enable the continued growth and development of the company.

We have a strong healthy balance sheet and with a good cash balance, therefore the directors are confident that we have the resources and means to grow in 2024 and beyond.

*Turnover consists of a number of revenue streams across the group: - Banking and Insurance includes recurring revenues for annual support and licences fees, one-off revenue for development, implementation and consultancy. Recruitment revenue includes one off placement fees and monthly revenue for placing contractors on short to medium term contracts.

EUROBASE INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Description of Principal Risks and Uncertainties

The principal risks to the company are as follows:

Liquidity risk
The group operates a treasury function within its finance department which is responsible for managing the liquidity, available funds and all other financial risks associated with its activities. The group has sufficient cash resources to meet its needs and is not dependent on external borrowing. It does not use derivative financial instruments and does not engage in forward speculation for either overseas transactions or investing those cash resources not required for immediate day to day trading. Such resources are invested through one United Kingdom high street bank

Foreign exchange transactional currency exposure
The group is limited to currency exchange rate risk as most of its receivables are in Sterling with only a few contracts in Euro or US$. Any foreign currency held is regularly converted into Sterling. As a result, no active management of this risk is undertaken.

Customer credit exposure
All clients of the group are initially subjected to credit verification procedures and credit control procedures are in place to monitor trade debts to ensure timely action is taken as necessary to safeguard the group’s position.

I would like to thank our customers, suppliers, business partners and staff for combining to produce the success story that Eurobase continues to be, especially in these difficult times.

By order of the board

J Wilson
Group Chairman and CEO
27 August 2024
EUROBASE INTERNATIONAL 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 company and group continued to be that of software development and consultancy services

Results and dividends

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

Ordinary dividends were paid amounting to £12,000. 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:

J Wilson
JG Moon
JP Locke
M Wilson
Research and development

The company undertakes significant research and development each year which is capitalised as intangible fixed assets. Costs associated with the maintenance of systems and research expenditure is charged to the profit and loss account as these costs are incurred. This is required due to the nature of the business and the development of bespoke systems created for clients. Such expenditure is considered likely to continue for the foreseeable future.

Auditor

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group will be put at a General Meeting.

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.

EUROBASE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

By order of the board
JG Moon
Secretary
27 August 2024
EUROBASE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROBASE INTERNATIONAL LIMITED
- 5 -
Opinion

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

Opinions on other matters prescribed by the Companies Act 2006

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

EUROBASE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROBASE INTERNATIONAL LIMITED
- 6 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

EUROBASE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROBASE INTERNATIONAL LIMITED
- 7 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

EUROBASE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROBASE INTERNATIONAL LIMITED
- 8 -

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.

Paul Forster (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
30 August 2024
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
EUROBASE INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
13,188,178
12,686,280
Cost of sales
(9,400,936)
(9,685,424)
Gross profit
3,787,242
3,000,856
Administrative expenses
(4,324,218)
(4,561,967)
Other operating income
14,300
12,000
Operating loss
4
(522,676)
(1,549,111)
Interest receivable and similar income
9
401,919
156,213
Loss before taxation
(120,757)
(1,392,898)
Tax on loss
10
14,000
398,952
Loss for the financial year
22
(106,757)
(993,946)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company. There was no other comprehensive income in the period, the loss for the financial year equates to total comprehensive income for the year.

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

EUROBASE INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
4,958,531
4,989,007
Tangible assets
13
1,952,268
2,012,614
Investment property
14
299,472
299,472
7,210,271
7,301,093
Current assets
Debtors
17
3,040,746
3,432,678
Cash at bank and in hand
8,878,449
8,059,737
11,919,195
11,492,415
Creditors: amounts falling due within one year
18
(6,570,818)
(6,102,103)
Net current assets
5,348,377
5,390,312
Total assets less current liabilities
12,558,648
12,691,405
Provisions for liabilities
Deferred tax liability
19
448,000
462,000
(448,000)
(462,000)
Net assets
12,110,648
12,229,405
Capital and reserves
Called up share capital
21
39,000
39,000
Share premium account
11,000
11,000
Revaluation reserve
133,019
133,019
Other reserves
2,320,036
2,320,036
Profit and loss reserves
22
9,607,593
9,726,350
Total equity
12,110,648
12,229,405

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 27 August 2024 and are signed on its behalf by:
J Wilson
Director
Company registration number 02650450 (England and Wales)
EUROBASE INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
15
63,624
63,624
Current assets
Debtors
17
4,322,333
4,322,333
Creditors: amounts falling due within one year
18
(2,702)
(2,702)
Net current assets
4,319,631
4,319,631
Net assets
4,383,255
4,383,255
Capital and reserves
Called up share capital
21
39,000
39,000
Share premium account
11,000
11,000
Profit and loss reserves
22
4,333,255
4,333,255
Total equity
4,383,255
4,383,255
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
J Wilson
Director
Company registration number 02650450 (England and Wales)
EUROBASE INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
39,000
11,000
133,019
2,320,036
11,560,956
14,064,011
Effect of change in accounting policy
-
-
-
-
(840,660)
(840,660)
As restated
39,000
11,000
133,019
2,320,036
10,720,296
13,223,351
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
-
(993,946)
(993,946)
Balance at 31 March 2023
39,000
11,000
133,019
2,320,036
9,726,350
12,229,405
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
-
(106,757)
(106,757)
Dividends
11
-
-
-
-
(12,000)
(12,000)
Balance at 31 March 2024
39,000
11,000
133,019
2,320,036
9,607,593
12,110,648
EUROBASE INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
39,000
11,000
4,333,255
4,383,255
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 March 2023
39,000
11,000
4,333,255
4,383,255
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
12,000
12,000
Dividends
11
-
-
(12,000)
(12,000)
Balance at 31 March 2024
39,000
11,000
4,333,255
4,383,255
EUROBASE INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,513,212
(993,902)
Income taxes refunded
321,014
465,762
Net cash inflow/(outflow) from operating activities
1,834,226
(528,140)
Investing activities
Purchase of intangible assets
(1,375,229)
(1,241,449)
Purchase of tangible fixed assets
(43,828)
(121,132)
Proceeds from disposal of tangible fixed assets
13,624
-
Interest received
401,919
156,213
Net cash used in investing activities
(1,003,514)
(1,206,368)
Financing activities
Dividends paid to equity shareholders
(12,000)
-
0
Net cash used in financing activities
(12,000)
-
Net increase/(decrease) in cash and cash equivalents
818,712
(1,734,508)
Cash and cash equivalents at beginning of year
8,059,737
9,794,245
Cash and cash equivalents at end of year
8,878,449
8,059,737
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Eurobase International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Essex House, 2 County Place, Chelmsford, Essex, CM2 0RE.

 

The group consists of Eurobase International Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with the applicable United Kingdom accounting standards, including Financial Reporting Standard FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and with 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, except for certain financial instruments as specified in the accounting policies 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:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and

disclosures.

1.2
Basis of consolidation

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

 

The financial statements for all group members are made up to 31 March 2024, in line with the parent company.

 

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

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

 

1.4
Turnover

Turnover consists of the invoiced value (excluding VAT) for goods and services supplied to third parties. On long-term contracts, revenue is recognised in accordance with FRS102 and the percentage completion method. Licence and support revenues are normally recognised over the period to which they relate. Any costs directly incurred on long term contracts in the period between initial delivery and client acceptance which are not otherwise recoverable from the client are matched against the related licence fee in the year the cost is incurred.

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill

Costs associated with maintaining our software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of unique software controlled by the company are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include the software development employee costs. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

 

Development costs are only capitalised if there is an ability to use or sell the software and that it can be demonstrated how the software will generate probable future economic benefits.

 

Development costs that are recognised as intangible assets are amortised are amortised over 5 years on a straight line basis once the development has been completed.

Development costs
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are capitalised at their purchase cost plus the associated costs of purchase and/or delivery. Depreciation is provided on all tangible fixed assets at rates calculated to write down the cost of assets, less amounts attributable to land, to their estimated residual values at the end of their anticipated useful lives using the straight line method. The rates applicable are:

Freehold land and buildings
60 years straight line
Office equipment
3 years straight line
Computer equipment
3 years straight line
Motor vehicles
5 years straight line
Bloodstock
3-4 years straight line
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
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.

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

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of the affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in profit or loss.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include trade and other 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.

Other financial assets

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

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the group's accounts. Deferred tax is provided in full on timing differences which result in a material obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on the current tax rates and laws.

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

 

1.13
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

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

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

 

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

1.14
Leases

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives as at note 1.5 above. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

 

All other leases are regarded as operating leases and the total payments made under them are charged to the profit and loss account on a straight-line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.16

Pension costs

The group operates a grouped personal pension scheme for all employees. The scheme is a defined contribution scheme. Contributions in respect of this scheme are charged to the profit and loss account in the year in which they fall due.

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation

The fair value of the freehold property was professionally valued in 2022. The directors review the valuation on a yearly basis and refer to a professional valuation when required.

Amortisation of intangible assets

Amortisation is provided for on intangible fixed assets. Amortisation rates used are the management's best estimates of the useful economic life of these assets.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of Services
13,188,178
12,686,280
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,139,131
6,169,220
Rest of World
7,049,047
6,517,060
13,188,178
12,686,280
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
24,038
(2,648)
Fees payable to the group's auditor for the audit of the group's financial statements
5,000
5,000
Depreciation of owned tangible fixed assets
104,174
173,006
Amortisation of intangible assets
1,405,705
1,324,312
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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
5,000
5,000
Audit of the financial statements of the company's subsidiaries
19,125
20,850
24,125
25,850
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and Marketing
9
8
-
-
Administration
7
12
-
-
Production
79
83
-
-
Total
95
103
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,316,344
5,545,077
-
0
-
0
Social security costs
832,696
870,420
-
-
Pension costs
780,523
405,945
-
0
-
0
6,929,563
6,821,442
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
522,566
629,705
Company pension contributions to defined contribution schemes
64,114
60,423
586,680
690,128
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
195,204
254,990

During the year 3 directors accrued benefits under the company's pension scheme (2023: 3)

8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
780,523
405,945

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
401,919
156,213
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
24,048
Deferred tax
Origination and reversal of timing differences
(14,000)
(423,000)
Total tax credit
(14,000)
(398,952)

On the 1st of April 2023 the rate of corporation tax in the UK increased to 25% (2022: 19%).

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Loss before taxation
(120,757)
(1,392,898)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(30,189)
(264,651)
Tax effect of expenses that are not deductible in determining taxable profit
1,615
12,434
Change in unrecognised deferred tax assets
179
(175,970)
Adjustments in respect of prior years
14,464
24,048
Permanent capital allowances in excess of depreciation
-
(4,798)
Depreciation on assets not qualifying for tax allowances
(69)
9,985
Taxation credit
(14,000)
(398,952)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
12,000
-
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2023
9,677,662
Additions - internally developed
1,375,229
At 31 March 2024
11,052,891
Amortisation and impairment
At 1 April 2023
4,688,655
Amortisation charged for the year
1,405,705
At 31 March 2024
6,094,360
Carrying amount
At 31 March 2024
4,958,531
At 31 March 2023
4,989,007
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Office equipment
Computer equipment
Motor vehicles
Bloodstock
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
1,850,000
317,741
566,674
303,126
41,094
3,078,635
Additions
-
0
358
43,470
-
0
-
0
43,828
Disposals
-
0
(108,228)
(361,322)
-
0
-
0
(469,550)
At 31 March 2024
1,850,000
209,871
248,822
303,126
41,094
2,652,913
Depreciation and impairment
At 1 April 2023
44,241
225,395
518,623
236,669
41,093
1,066,021
Depreciation charged in the year
(1,741)
46,488
33,315
26,111
1
104,174
Eliminated in respect of disposals
-
0
(108,228)
(361,322)
-
0
-
0
(469,550)
At 31 March 2024
42,500
163,655
190,616
262,780
41,094
700,645
Carrying amount
At 31 March 2024
1,807,500
46,216
58,206
40,346
-
0
1,952,268
At 31 March 2023
1,805,759
92,346
48,051
66,457
1
2,012,614
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 24 -

The freehold property is Essex House, the company's headquarters office in Chelmsford.

 

Land and buildings were revalued at 29 March 2022 by Kemsley LLP, independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

If revalued assets were measured on an historical cost basis rather than a fair value basis, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
1,350,688
1,350,688
Accumulated depreciation
(134,435)
(742,878)
Carrying value
1,216,253
607,810
During the year the useful economic life of the freehold property and its residual value were reviewed and changed to 60 years and £1m respectively.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
299,472
-

Investment property comprises of a flat in London held for capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors who have deemed that the fair value of the property has not moved since it's acquisition in 2020. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
63,624
63,624
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
63,624
Carrying amount
At 31 March 2024
63,624
At 31 March 2023
63,624
16
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
Eurobase Consultancy Limited
England and Wales
Ordinary
100.00
Eurobase Group Limited
England and Wales
Ordinary
100.00
Eurobase Limited
England and Wales
Ordinary
100.00
Eurobase People Limited
England and Wales
Ordinary
100.00
Eurobase Systems B.V
Netherlands
Ordinary
100.00
Eurobase Systems Limited
England and Wales
Ordinary
100.00
Eurobase Systems, Inc.
Delaware, USA
Ordinary
100.00
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,112,231
2,284,068
-
0
-
0
Corporation tax recoverable
-
0
321,014
-
0
-
0
Amounts owed by group undertakings
-
-
4,322,333
4,322,333
Other debtors
33,250
29,533
-
0
-
0
Prepayments and accrued income
895,265
798,063
-
0
-
0
3,040,746
3,432,678
4,322,333
4,322,333
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
81,624
205,374
-
0
-
0
Other taxation and social security
428,023
496,467
1,000
1,000
Deferred income
5,656,372
4,933,885
-
0
-
0
Other creditors
262,350
331,719
1,265
1,265
Accruals and deferred income
142,449
134,658
437
437
6,570,818
6,102,103
2,702
2,702
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,144,558
1,245,360
Tax losses
(686,547)
(775,052)
Retirement benefit obligations
(10,011)
(8,308)
448,000
462,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
462,000
-
Credit to profit or loss
(14,000)
-
Liability at 31 March 2024
448,000
-
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
20
Share-based payment transactions

On 17 June 2014, 18 February 2015 and 29 July 2019 Enterprise Management Incentive (EMI) share option schemes were established. These will give key management the option to acquire a total of 3.4% of the company's ordinary share capital. The options granted on 17 June 2014 and 18 February 2015 were cancelled and replaced with the share option scheme created on 29 July 2019 for 11,465 Ordinary C shares and 1,000 ordinary D shares.

As at the 31 March 2024, 1,375 of the Ordinary C share options and 1,000 of the Ordinary D share options had been cancelled.

 

The remaining options will be exercisable only in the event of the sale of the company to a third party purchaser within ten years of the scheme inception, subject to the employees still being employed by the company at the point of sale.

 

There were 10,090 10p ordinary C share options in existence at the year end. The price of these options is £156 each.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
39,000
39,000
39,000
39,000
22
Reserves

Reserves comprise of a profit and loss reserve of £4,333,255 which is distributable.

23
Operating lease commitments

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
117,600
201,600
-
-
Between two and five years
-
117,600
-
-
117,600
319,200
-
-
24
Events after the reporting date

A subsidiary in the group shortly after the reporting date agreed a new two year lease on a London Office. This will cost the group £434,200 over the next two years.

EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Related party transactions

Included within other creditors is an amount of £5,933 due to J Wilson (2023: £22,873).

 

With regard to transactions with other group members, all of whom are also wholly owned by Eurobase International Limited, advantage has been taken of the exemption in FRS 102 not to disclose such transactions as being between related parties.

26
Controlling party

For both the current and prior year, the group was controlled by J Wilson by virtue of him owning the majority of the issued share capital of Eurobase International Limited.

27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(106,757)
(993,946)
Adjustments for:
Taxation credited
(14,000)
(398,952)
Investment income
(401,919)
(156,213)
Amortisation and impairment of intangible assets
1,405,705
1,324,312
Depreciation and impairment of tangible fixed assets
104,174
173,006
Movements in working capital:
Decrease/(increase) in debtors
70,918
(690,422)
(Decrease)/increase in creditors
(267,396)
230,896
Increase/(decrease) in deferred income
722,487
(482,583)
Cash generated from/(absorbed by) operations
1,513,212
(993,902)
28
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
8,059,737
818,712
8,878,449
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
29
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Fixed assets
Tangible assets
2,312,086
(299,472)
2,012,614
Investment properties
-
299,472
299,472
Provisions for liabilities
Deferred tax
(44,340)
(417,660)
(462,000)
Net assets
12,647,065
(417,660)
12,229,405
Capital and reserves
Profit and loss reserves
10,144,010
(417,660)
9,726,350
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Taxation
(24,048)
423,000
398,952
Reconciliation of changes in equity - group
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Deferred tax
(840,660)
(417,660)
Equity as previously reported
14,904,671
12,647,065
Equity as adjusted
14,064,011
12,229,405
Analysis of the effect upon equity
Profit and loss reserves
(840,660)
(417,660)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Deferred tax
423,000
Loss as previously reported
(1,416,946)
Loss as adjusted
(993,946)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
EUROBASE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
29
Prior period adjustment
(Continued)
- 30 -
Notes to reconciliation
Deferred tax

A deferred taxation liability was not previously provided for within the prior years financial statements in respect of intangible assets.  A prior year adjustment has been made to recognise this liability of £840,600 as at 31 March 2022, and the subsequent decrease of the deferred tax of £423,000 as at 31 March 2023.

Investment properties

An investment property with a value of £299,472 had been previously classified as a tangible fixed asset and so a prior year adjustment has been made to reflect this at 31 March 2023. This adjustment had no impact on net assets or the profit and loss account.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200J WilsonJP LockeM WilsonM WilsonJG 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