Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their Strategic Report for the year ended 31 March 2024.
The Principal Activity of the Group is the licensing of customisable office space to Technology companies.
The Directors are pleased with the Group’s performance in a challenging economic climate characterised by high interest rates and subdued growth.
Strong operating cash flow generation has enabled the Group to invest £1.0m in capital expenditure to enhance existing sites and establish a new location in Worship Street, London. The financial year concluded with a cash balance of £3.2 m and a debt-free position. The Board considers EBITDA the most appropriate metric for evaluating the Group’s operating performance and is pleased with the £0.5m FY24 result. Revenue grew by 14% compared to the previous year, although the EBITDA margin contracted modestly to 4% due to start-up costs associated with the new site at Worship Street in London. Despite the challenging macroeconomic environment, the Group has demonstrated resilience and continued growth. The Directors remain confident in the Group’s ability to navigate these conditions and capitalise on opportunities within the flexible workspace sector. The Group opened one new site and signed one additional site during the financial year which will increase the footprint by over 40%. Both sites will deliver markedly enhanced product and service experience aligned with current and emerging market needs:
∙Techspace Worship Street opened in June 2023 and is trading in line with expectations.
∙A new 50,000 sq ft site in Kreuzberg, Berlin is expected to open in 2025.
Revenue: £12.8m, up 15% on the prior year
Gross Margin: 24%, down 7% on the prior year
EBITDA: £0.5m, 310% down on prior year
Average occupancy: 74%, 3% below prior year
The Group faces several key risks, which are actively managed through robust processes.
Liquidity Risk
The Group maintains rigorous cash flow monitoring and reporting procedures to the leadership team and board. These measures are designed to ensure adequate liquidity.
Economic and Market Risk
The Group’s profitability is susceptible to fluctuations in occupancy and pricing, particularly given its significant fixed cost base. A potential oversupply of flexible office space could exacerbate downward pressure on these metrics. To mitigate this, the Group diligently monitors debtors, collection rates, occupancy, and pricing while leveraging its dual-market presence in London and Berlin.
The Group is mindful of the prevailing macroeconomic conditions and their potential impact on costs and demand. While supply contracts for essential utilities and rent offer some stability, a recessionary environment could soften demand for new memberships and profitability. The Group, however, does not anticipate significant cash flow disruptions due to its long-term member contracts and a robust credit collection process.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Despite short-term challenges, the Group maintains a positive medium-term outlook driven by the increasing demand for flexible office space among larger corporations seeking to optimise their real estate portfolios.
Geopolitical Risk
The Group is aware of the ongoing geopolitical tensions, including the war in Ukraine and the conflicts in the middle east. While there are no direct operational implications, the Group closely monitors the situation for potential indirect impacts such as macroeconomic shocks and increased economic volatility.
It is important to note that the Group has no business dealings with sanctioned entities and that energy costs, though impacted by the war in Ukraine, represent a relatively small proportion of overall expenses.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £722k (2023 - loss £92k).
The directors do not recommend the payment of a dividend (2023 - £nil).
The directors who served during the year were:
The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Group entered into a lease agreement for a new 72,000 sq ft flagship location in London subsequent to the balance sheet date on June 14th 2024. Construction is expected to be completed by late October in line with the lease commencement date. This new site is anticipated to significantly enhance the Group’s scale of operations in the long term.
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHSPACE GROUP LIMITED
We have audited the financial statements of Techspace Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHSPACE GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHSPACE GROUP LIMITED (CONTINUED)
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 Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations that were most significant included:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK health and safety legislation;
−General Data Protection Regulations; and
−UK tax legislation.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgments made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgments or estimation to manipulate the Group's financial position;
−Posting of unusual journals and complex transactions; and
−The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHSPACE GROUP LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Techspace Group Limited is a private company limited by shares and incorporated in England and Wales. Details of the Company's registered office and principal place can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Information on the impact of first-time adoption of FRS 102 is given in note 25.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group’s financial position, cash flows and liquidity, along with their implications for the going concern assessment, are detailed below. Directors have considered these factors alongside the principal risks and their potential impact on the Group’s future. Based on this assessment, the Directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis. This assessment constitutes a critical accounting judgment, as outlined below.
As of 31 March 2024, the business has experienced robust trading conditions, securing numerous new long-term license agreements. The Group’s strong operating performance has contributed to a growing cash balance and generated predictable cash flows over the assessment period. Occupancy levels are healthy, with positive EBITDA, and robust cash flow, the Group held a cash balance of approximately £3.0m as of 30 June 2024. Successful debt collection has continued post year-end.
Given the Group’s current cash balance and ongoing cash generation, the Directors conclude that no material uncertainty exists regarding the Group’s ability to continue as a going concern.
The Group is mindful of the prevailing macroeconomic conditions, including inflationary pressures. While these factors have increased costs, the Group’s fixed-term supply contracts have mitigated operational challenges. Although a recession poses a potential risk, the Group’s long-term contracts provide cash flow stability. While softer demand could impact new sales and profitability, the Group does not anticipate significant credit collection issues. The Directors maintain a positive medium-term outlook, underpinned by the growing demand for flexible office space among larger corporations.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
To assess potential downside scenarios, the Group conducted a 12-month forecast and sensitivity analysis which also included the new site opening at Goswell Road in London. The base case forecast indicates a profitable business at the EBITDA level for the current financial year. To evaluate the impact of delayed sales, the Group modeled a slower sales profile across vacant units across the portfolio. The Directors have carefully considered various scenarios, including delayed sales and lower pricing, and concluded that the Group possesses sufficient financial resources to withstand these potential challenges. The directors do not consider it necessary to raise a debt facility at this time due to its strong cash position.
While the war in Ukraine and the conflicts in the middle east heighten the risk of macroeconomic shocks, the Group has not experienced any direct operational impacts. The Directors believe that a material delay in sales is unlikely, and the budgeted revenues reflect a prudent forecast. Even under sensitivity analysis, the Directors remain confident that the going concern basis is appropriate for the financial statements.
Functional and presentation currency
Transactions and balances
Revenue in the Company comprises administration services which are recharged to the Group and interest on intercompany loans.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Government grants (such as the German Kurzarbeit) are recognised in Profit or Loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. The rebate credit received from the respective governments are netted off the payroll costs in administrative expenses. Government grants (such as the German Corona Aid Scheme) that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit in the period in which they become receivable. The component of the German Corona Aid Scheme grant whose primary condition is that the Group should purchase, construct or otherwise acquire non- current assets are recognised as deferred revenue in the consolidated statement of financial position and transferred to Profit or Loss on a systematic and rational basis over the useful lives of the related assets.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Rent free accrual The group recognises any contracted rent increases and lease incentives, such as rent-free periods and landlord cash contributions to fit-out costs, over the life of the lease. In calculating the rent expense, only known increases in rent are factored into the calculations, and therefore actual costs may differ from these estimates. Dilapidations provision A dilapidation provision has been recognised, relating to the estimated costs of rectification that the group is liable for under the terms of the leases of its spaces. The provision is for the cost of removing leasehold improvements and has been recognised at the present value of the estimated cost to return the properties back to their original condition. In calculating the provision, a discount rate based on the group's cost of borrowing has been used. Actual costs at the end of the lease may differ from these estimates.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There are no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Share premium account
Capital redemption reserve
Foreign exchange reserve
Merger Reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £51,820 (2023 - £34,166). Contributions totalling £10,332 (2023 - £16,093) were payable to the fund at the reporting date and are included in creditors
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Throughout the year, the Company's immediate parent company has been TSCW Investing LP, which is incorporated in Guernsey. Throughout the current and prior year, the Company's ultimate parent company and ultimate controlling party has been Finsbury Trust Company Limited, in its capacity as trustee of the DC Settlement, which is incorporated in Gibraltar. Neither the entity's parent nor the ultimate controlling party produce consolidated financial statements available for public use.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.First time adoption of FRS 102 (continued)
Explanation of changes to previously reported profit and equity:
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