Company registration number 10236858 (England and Wales)
DUALITY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DUALITY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S Maclean
Mr G A Levinsohn
(Appointed 8 April 2024)
Mr P J Edwards
(Appointed 30 May 2024)
Mr J S Sheridan
(Appointed 30 May 2024)
Company number
10236858
Registered office
Norfolk House
13 Southampton Place
London
WC1A 2AJ
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
DUALITY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
DUALITY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of Duality Group Limited ("the Company" or "DGL") and its subsidiaries ("the Group") is to build a group offering a range of complementary energy related services.

 

Business review

The Group traded via two operating divisions, Energy Services (Incorporating; Dyson Energy Services Limited (“DESL”)) and Gas Services (Incorporating; Gas Call Services Limited (“GCSL”) and WRB Gas (Contracts) Limited “WRBGL”) both divisions hold marketing leading positions in the gas service, maintenance and installation sector and the energy services and renewables sector, respectively.

 

Group turnover for the year ended 31 March 2024 was £56.5m (year ended 31 March 2023: £46.6m). The Group reported a profit before tax of £5.2m (year ended 31 March 2023: £1.6m).

 

The Group experienced a positive year of trading with turnover and profit up 21% and 246% respectively on prior year. This improvement in performance was supported by record sales and profit growth in the Group’s Gas division but also notably, Energy Services showed a significant turnaround in performance, returning to profitability following last year’s loss.

 

Both divisions benefitted from stable market conditions unencumbered by prior year events such as the spike in energy related prices caused by the war in Ukraine, inflationary pressures, and the Pandemic.

 

The Group’s balance sheet positioned again strengthened, with net assets at £8.3m (31 March 2023 £4.5m).

Energy Services

Turnover for the year ended 31 March 2024 was £22.8m (year ended 31 March 2023: £15.8m). Reporting a profit before tax of £1.9m (year ended 31 March 2023: loss £1.1m).

 

The directors were encouraged by the financial performance of the business in the period under review. The business recovered well from a disappointing performance last year with revenue and profit growth of 44% and 273% respectively.

 

The year to March 31st, 2024 was the first full year of delivery of the non-ECO (Energy Company Obligation) government funded revenue streams and was unhindered by the exceptional circumstances for example Covid-19 and the war in Ukraine

that had been experienced in previous years.

 

The return to profitability experienced in Q4 of FY23 continued positively into Q1 of FY24. In Q2 the latest round of government funding was released, supporting further iterations of non-ECO government schemes. This allowed for the implementation a new pricing strategy for insulation products, with enhanced rates on those achieved in the prior year. With the main element of growth being price rather than volume driven, this impacted positively directly through to margin.

 

Dyson is now significantly less reliant on the ECO market with its main revenue streams now being from other government funded schemes such as SHDF (Social Housing Decarbonisation Fund) and Sustainable Warmth. Committed funding has substantially increased across all these schemes, with funding recipients now better educated in how and where they can deploy funds, with Dyson acting as both main contractor as well as sub-contractor.

 

The directors are encouraged by the improvement in the company’s financial performance and continue to see significant organic growth opportunities afforded by the drive to improve the energy efficiency of homes in both the private and nonprivate domestic markets.

DUALITY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Gas Services

Turnover for the year ended March 2024 was £28.8m (March 2023: £26.7m). The company reported a profit before tax for the year of £3.3m (March 2023: £2.6m). The business performed strongly during the year reporting both record sales and profit, for the third consecutive year.

 

The year under review was one of consolidation, with year-on-year turnover growth of 8%. Margins were generally maintained, with industry related price increases and general inflationary cost increases being mitigated by CPI (Consumer Price Index) or equivalent uplifts, afforded in the company’s social housing contracts.

 

With ambitious organic growth plans, the company manged to secure new contracts in the period, with a combined contracted value of £46m. In addition, the company also secured extensions to 2 of its major contracts securing future order book values of £20m+. Post year end the company has continued to be successful in winning new work, with further contracts secured with a combined order value of £19m. The company now has a significant geographic footprint across the UK and an order book in excess of £100m.

 

Gas Call’s trading subsidiary WRB Gas (Contracts) Limited, continued to perform well during the period under review with turnover growth of 21%.

 

The directors are encouraged by the results for the year. The company has strong visibility of revenues for the next 12 months and beyond. The company has the desire, financial strength, and market awareness to further grow the business via acquisition and continues to look for suitable opportunities which will complement the existing business.

Principal risks and uncertainties

There are several potential risks and uncertainties which could have a material impact on the Group and its financial performance. There are no specific material uncertainties of which we are aware other than those identified, monitored and reported at board level and shown below:

 

 

 

 

 

DUALITY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Summary of results

In the financial year, the Group reported sales of £56.6m (2023: £46.6m). The consolidated profit before tax is £5.2m (2023: £1.6m).

 

A summary of the Group's key performance indicators is set out below:

 

                2024            2023

    £'000         £'000

Sales                56,536            46,619

Net profit before tax        5,224            1,572

Net current assets        5,910            2,477

Net assets            8,323            4,542

 

Average employee numbers    431            406

Future developments

The directors are encouraged by the strong pipeline and organic growth opportunities in both of its major markets. The Group continues to explore acquisition opportunities in the energy efficiency and contracting sectors where it can create greater scale in its operations and bring technology to the acquired businesses to improve efficiency and margins. The outlook for the next 12 months is viewed with cautious optimism.

 

Decarbonisation policy/plan

DGL remains committed to reducing its impact on the environment through the work we do. The Group has already created a carbon reduction plan in line with the UK Government PPN 06/21 requirement that outlines Duality’s current position and future plan.

 

In addition, DGL will assess its entire supply chain and eventually measure and reduce its carbon impact via the use of the Greenhouse Gas (GHG) protocol Scopes, 1, 2 and 3 methodologies. The Group understands that this will take considerable time and effort but recognises that this is essential for the business. Duality will, in due course, work towards becoming a Net Zero Carbon (NZC) business before the 2050 deadline and will commit to targeted carbon reductions once a baseline assessment is complete. The Group views the matter seriously and has committed resource to achieve these aims.

On behalf of the board

Mr J S Sheridan
Director
13 September 2024
DUALITY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Results and dividends

The results for the year are set out on page 10.

Directors

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

Mr A M Byrne
(Resigned 8 April 2024)
Mr S Maclean
Mr M D Holmes
(Resigned 8 April 2024)
Mr J P Bartlett
(Resigned 8 April 2024)
Mr I F Henderson
(Resigned 8 April 2024)
Mr D J Corbishley
(Resigned 8 April 2024)
Mr G A Levinsohn
(Appointed 8 April 2024)
Mr P J Edwards
(Appointed 30 May 2024)
Mr J S Sheridan
(Appointed 30 May 2024)
Mr M Donnelly
(Resigned 8 April 2024)
Employee involvement

The Group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the Company's performance.


Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Group continues and that the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Post reporting date events

See note 26 for details of post balance sheet events.

Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 to the Group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Matters covered in the 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. It has done so in respect of business review and principal risks and uncertainties.

DUALITY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Company is aware of that information.

On behalf of the board
Mr J S Sheridan
Director
13 September 2024
DUALITY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

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.

DUALITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DUALITY GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Duality Group Limited (the ''parent company'') and its subsidiaries (the ''Group'') for the year ended 31 March 2024 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DUALITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUALITY GROUP LIMITED
- 8 -
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.

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.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the Group.

The following laws and regulations were identified as being of significance to the Group:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

DUALITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUALITY GROUP LIMITED
- 9 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the Group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Leslie BSc ACA (Senior Statutory Auditor)
For and on behalf of DSG Audit
13 September 2024
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
DUALITY GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£ '000
£ '000
Turnover
3
56,536
46,619
Cost of sales
(39,411)
(35,075)
Gross profit
17,125
11,544
Administrative expenses
(11,524)
(9,731)
Other operating income
60
64
Operating profit
4
5,661
1,877
Interest receivable and similar income
61
12
Interest payable and similar expenses
8
(498)
(317)
Profit before taxation
5,224
1,572
Tax on profit
9
(1,442)
(379)
Profit for the financial year
3,782
1,192
Profit for the financial year is all attributable to the owners of the parent company.
DUALITY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£ '000
£ '000
Profit for the year
3,782
1,192
Other comprehensive income
Revaluation of tangible fixed assets
-
0
227
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
3,782
1,419
Total comprehensive income for the year is all attributable to the owners of the parent company.
DUALITY GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Fixed assets
Goodwill
11
969
1,160
Other intangible assets
11
1,519
1,392
Total intangible assets
2,488
2,552
Tangible assets
12
1,449
1,532
3,937
4,084
Current assets
Stocks
15
943
956
Debtors
16
15,591
11,338
Cash at bank and in hand
3,304
4,659
19,838
16,953
Creditors: amounts falling due within one year
17
(13,928)
(14,476)
Net current assets
5,910
2,477
Total assets less current liabilities
9,847
6,561
Creditors: amounts falling due after more than one year
18
(999)
(1,840)
Provisions for liabilities
Provisions
21
133
133
Deferred tax liability
22
392
46
(525)
(179)
Net assets
8,323
4,542
Capital and reserves
Called up share capital
24
-
0
-
0
Share premium account
6
6
Revaluation reserve
227
227
Profit and loss reserves
8,090
4,309
Total equity
8,323
4,542
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
13 September 2024
Mr J S Sheridan
Director
Company registration number 10236858 (England and Wales)
DUALITY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Fixed assets
Intangible assets
11
1,515
1,388
Tangible assets
12
1,065
1,068
Investments
13
4,826
4,826
7,406
7,282
Current assets
Debtors
16
3,156
2,158
Cash at bank and in hand
117
182
3,273
2,340
Creditors: amounts falling due within one year
17
(6,803)
(5,777)
Net current liabilities
(3,530)
(3,437)
Total assets less current liabilities
3,876
3,845
Creditors: amounts falling due after more than one year
18
(17)
(7)
Provisions for liabilities
Deferred tax liability
22
350
-
0
(350)
-
Net assets
3,509
3,838
Capital and reserves
Called up share capital
24
-
0
-
0
Share premium account
6
6
Revaluation reserve
227
227
Profit and loss reserves
3,276
3,605
Total equity
3,509
3,838

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £329,242 (2023 - £74,290 loss).

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

DUALITY GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
13 September 2024
Mr J S Sheridan
Director
Company registration number 10236858 (England and Wales)
DUALITY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£ '000
£ '000
£ '000
£ '000
£ '000
Balance at 1 April 2022
-
6
-
0
3,157
3,163
Year ended 31 March 2023:
Profit for the year
-
-
-
1,192
1,192
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
227
-
227
Total comprehensive income
-
-
227
1,192
1,419
Dividends
10
-
-
-
(41)
(41)
Balance at 31 March 2023
-
0
6
227
4,308
4,541
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
3,782
3,782
Balance at 31 March 2024
-
0
6
227
8,090
8,323
DUALITY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£ '000
£ '000
£ '000
£ '000
£ '000
Balance at 1 April 2022
-
0
6
-
0
3,721
3,727
Year ended 31 March 2023:
Loss for the year
-
-
-
(75)
(75)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
227
-
227
Total comprehensive income
-
-
227
(75)
152
Dividends
10
-
-
-
(41)
(41)
Balance at 31 March 2023
-
0
6
227
3,605
3,838
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
(329)
(329)
Balance at 31 March 2024
-
0
6
227
3,276
3,509
DUALITY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Cash flows from operating activities
Cash generated from operations
29
756
4,067
Interest paid
(498)
(217)
Income taxes paid
(334)
(251)
Net cash (outflow)/inflow from operating activities
(76)
3,599
Investing activities
Purchase of intangible assets
(283)
(577)
Purchase of tangible fixed assets
(218)
(270)
Proceeds from disposal of tangible fixed assets
4
13
Interest received
61
12
Net cash used in investing activities
(436)
(822)
Financing activities
(Drawdown)/Repayment of borrowings
(738)
1,271
New borrowing
9
(1,623)
Payment of finance leases obligations
(114)
67
Dividends paid to equity shareholders
-
0
(41)
Net cash used in financing activities
(843)
(326)
Net (decrease)/increase in cash and cash equivalents
(1,355)
2,451
Cash and cash equivalents at beginning of year
4,659
2,208
Cash and cash equivalents at end of year
3,304
4,659
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

Duality Group Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Norfolk House, 13 Southampton Place, London, WC1A 2AJ.

 

The Group consists of Duality Group Limited and all of its subsidiaries. The principal activity of the Group and subsidiaries is disclosed in the strategic report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £ '000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The Company is a qualifying entity for the purposes of FRS 102, being a member of a Group where the parent of that Group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
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.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Duality Group Limited together with all entities controlled by the parent company (its subsidiaries) and the Group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

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

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

1.4
Going concern

The directors are required to assess the ability of the Group to continue as a going concern, for a period of at least 12 months from the date of approval of the financial statements.

 

The Group has reviewed and continues to review the risks to the business in making their going concern assessment, the directors have prepared and considered financial forecasts for the following 12 months. The directors have conducted sensitivity analysis on these forecasts and have considered the impact of worst -case scenarios.

 

Based on the outcome of this analysis and the accompanying cash flow forecasts, the directors believe that there will be sufficient funds available to the Group to meet its obligations over the next 12 months. This, in conjunction with now being part of a significantly larger Group and its commitment to the Duality Group, leads the directors to believe that it is appropriate that the Group continues to operate as a going concern.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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:

Trademarks
10%
IT development costs
10%
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:

Long term leasehold
2% to 20% straight line
Plant and equipment
12.5% to 50% straight line
Fixtures and fittings
20% to 50% straight line
Computers
25% straight line
Motor vehicles
10% to 50% straight line
Office equipment
25% straight line

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

1.10
Fixed asset investments

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

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

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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.

1.12
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.13
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.

1.14
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.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

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.

1.15
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.

1.16
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.17
Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
1.18
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.

1.19
Retirement benefits

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

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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.

3
Turnover and other revenue

The whole of turnover is attributable to the principal activity of the Group.

2024
2023
£ '000
£ '000
Turnover analysed by geographical market
United Kingdom
56,536
46,619
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 25 -
2024
2023
£ '000
£ '000
Other revenue
Interest income
61
12
Other operating income
-
69
4
Operating profit
2024
2023
£ '000
£ '000
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
183
145
Depreciation of tangible fixed assets held under finance leases
43
54
Profit on disposal of tangible fixed assets
(8)
(13)
Amortisation of intangible assets
347
225
Operating lease charges
465
446
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£ '000
£ '000
For audit services
Audit of the financial statements of the group and company
3
3
Audit of the financial statements of the company's subsidiaries
31
30
34
33
For other services
Taxation compliance services
7
11
All other non-audit services
4
4
11
15
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the Group and Company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Indirect
228
75
-
-
Direct
194
234
-
-
Administration
9
97
9
8
Total
431
406
9
8

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Wages and salaries
17,893
16,235
1,531
1,061
Social security costs
1,696
1,665
36
108
Pension costs
434
386
13
8
20,023
18,286
1,580
1,177
7
Directors' remuneration
2024
2023
£ '000
£ '000
Remuneration for qualifying services
1,160
971
Company pension contributions to defined contribution schemes
9
6
1,169
977
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£ '000
£ '000
Remuneration for qualifying services
245
199

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).

 

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2023: £Nil).

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
8
Interest payable and similar expenses
2024
2023
£ '000
£ '000
Interest on bank overdrafts and loans
92
58
Interest on invoice finance arrangements
160
67
Other interest on financial liabilities
224
183
Interest on finance leases and hire purchase contracts
22
9
Total finance costs
498
317
9
Taxation
2024
2023
£ '000
£ '000
Current tax
UK corporation tax on profits for the current period
911
238
Adjustments in respect of prior periods
3
3
Total current tax
914
241
Deferred tax
Origination and reversal of timing differences
528
103
Changes in tax rates
-
0
35
Total deferred tax
528
138
Total tax charge
1,442
379

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

2024
2023
£ '000
£ '000
Profit before taxation
5,224
1,572
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,306
299
Tax effect of expenses that are not deductible in determining taxable profit
134
46
Adjustments in respect of prior years
(1)
-
0
Under/(over) provided in prior years
3
3
Deferred tax adjustments in respect of prior years
-
0
(4)
Fixed asset differences
-
0
35
Taxation charge
1,442
379
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£ '000
£ '000
Final paid
-
41
11
Intangible fixed assets
Group
Goodwill
Trademarks
IT development costs
Total
£ '000
£ '000
£ '000
£ '000
Cost
At 1 April 2023
4,192
4
1,422
5,618
Additions
-
0
-
0
283
283
At 31 March 2024
4,192
4
1,705
5,901
Amortisation and impairment
At 1 April 2023
3,032
-
0
34
3,066
Amortisation charged for the year
191
-
0
156
347
At 31 March 2024
3,223
-
0
190
3,413
Carrying amount
At 31 March 2024
969
4
1,515
2,488
At 31 March 2023
1,160
4
1,388
2,552
Company
IT development costs
£ '000
Cost
At 1 April 2023
1,422
Additions
283
At 31 March 2024
1,705
Amortisation and impairment
At 1 April 2023
34
Amortisation charged for the year
156
At 31 March 2024
190
Carrying amount
At 31 March 2024
1,515
At 31 March 2023
1,388

Amortisation on intangible assets is charged to administrative expenses.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
12
Tangible fixed assets
Group
Long term leasehold
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Total
£ '000
£ '000
£ '000
£ '000
£ '000
£ '000
£ '000
Cost
At 1 April 2023
1,313
1,129
365
297
608
26
3,738
Additions
5
123
17
82
10
3
240
Disposals
-
0
(20)
-
0
-
0
(190)
-
0
(210)
Revaluation
-
0
-
0
-
0
-
0
16
-
0
16
At 31 March 2024
1,318
1,232
382
379
444
29
3,784
Depreciation and impairment
At 1 April 2023
237
1,013
325
227
381
23
2,206
Depreciation charged in the year
37
68
11
44
64
2
226
Eliminated in respect of disposals
-
0
(20)
-
0
-
0
(77)
-
0
(97)
At 31 March 2024
274
1,061
336
271
368
25
2,335
Carrying amount
At 31 March 2024
1,044
171
46
108
76
4
1,449
At 31 March 2023
1,076
116
40
70
227
3
1,532
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
Company
Long term leasehold
Plant and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Total
£ '000
£ '000
£ '000
£ '000
£ '000
£ '000
Cost
At 1 April 2023
1,049
5
23
41
19
1,137
Additions
-
0
27
-
0
-
0
3
30
Revaluation
-
0
-
0
-
0
16
-
0
16
At 31 March 2024
1,049
32
23
57
22
1,183
Depreciation and impairment
At 1 April 2023
16
4
17
14
18
69
Depreciation charged in the year
21
4
2
20
2
49
At 31 March 2024
37
8
19
34
20
118
Carrying amount
At 31 March 2024
1,012
24
4
23
2
1,065
At 31 March 2023
1,033
1
6
27
1
1,068

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Motor vehicles
52
139
-
0
-
0
52
139
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Investments in subsidiaries
14
-
0
-
0
4,826
4,826
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£ '000
Cost or valuation
At 1 April 2023 and 31 March 2024
4,826
Carrying amount
At 31 March 2024
4,826
At 31 March 2023
4,826
14
Subsidiaries

Details of the Company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Duality Smart Utilities Limited
Unit 19 Hurricane Court, Hurricane Drive, Liverpool International Business Park, Liverpool, L24 8RL
Dormant
Ordinary
100.00
-
Duality Energy Leasing Limited
Unit 19 Hurricane Court, Hurricane Drive, Liverpool International Business Park, Liverpool, L24 8RL
Dormant
Ordinary
100.00
-
Dyson Energy Services Limited
Dyson House, Armytage Road, Brighouse, England HD6 1PT
Insulation, heating and renewable energy contractors
Ordinary
100.00
-
Gas Call Services Limited
2 Queenslie Court, Summerlee Street, Glasgow, G33 4DB
Service, maintenance and installation of domestic and commercial gas appliances
Ordinary
100.00
-
W.R.B Gas (Contracts) Limited*
First Floor South, Innovation House Barlow Park, West Pitkerro Industrial Estate, Dundee, DD5 3UB
Service, maintenance and installation of domestic and commercial gas appliances
Ordinary
-
100.00
Dyson Distribution Limited
Dyson House, Armytage Road, Brighouse, England HD6 1PT
Dormant
Ordinary
100.00
-

* Companies that are entitled to and have taken advantage of the exemption from audit available under Section 479A of the Companies Act 2006 relating to subsidiary companies. In order for the subsidiary to claim this exemption the parent company must guarantee all outstanding liabilities that the subsidiary is subject to at the year end under S479C.

15
Stocks
Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Finished goods and goods for resale
943
956
-
0
-
0
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Stocks
(Continued)
- 32 -

An impairment loss of £nil (2023: £nil) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£ '000
£ '000
£ '000
£ '000
Trade debtors
8,645
7,111
-
0
17
Corporation tax recoverable
-
0
2
-
0
-
0
Amounts owed by group undertakings
-
-
538
1,078
Other debtors
2,638
1,505
2,097
689
Prepayments and accrued income
4,272
2,500
521
352
15,555
11,118
3,156
2,136
Deferred tax asset (note 22)
36
219
-
0
22
15,591
11,337
3,156
2,158

Amounts due from subsidiary undertakings are charged interest at market rate and are due on demand.

An impairment loss of £63k (2023: £142k) was recognised against trade debtors.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Bank loans
19
11
11
-
0
-
0
Obligations under finance leases
20
38
58
6
6
Other borrowings
19
736
736
-
0
-
0
Amounts owed to related party
-
0
61
-
0
-
0
Trade creditors
6,874
6,795
563
347
Amounts owed to group undertakings
-
0
-
0
5,796
3,768
Corporation tax payable
794
217
281
131
Other taxation and social security
1,126
1,381
133
73
Other creditors
3,185
4,030
4
1,323
Accruals and deferred income
1,164
1,187
20
129
13,928
14,476
6,803
5,777
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Creditors: amounts falling due within one year
(Continued)
- 33 -

Other loans are secured by a fixed charge over a property owed by the parent company.

 

Amounts owed to Group undertakings are unsecured, interest free and are repayable on demand.

 

The asset backed financing arrangement is secured by a fixed and floating charge over the current and future assets of the Group. The directors provided personal guarantees totalling £150,000 (2023: £150,000) in favour of Independent Growth Finance Limited, the provider of the facility. these guarantees were discharged in October 2022.

 

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

 

Shareholder loan accounts have been included within other creditors. The directors have received written confirmation that whilst the shareholder loans are due on demand, they will not be called upon for repayment within 12 months from the date or approval of the financial statements. The loans accrue interest at market equivalent rate of 5%.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£ '000
£ '000
£ '000
£ '000
Bank loans and overdrafts
19
12
21
-
0
-
0
Obligations under finance leases
20
68
162
17
7
Other borrowings
19
919
1,657
-
0
-
0
999
1,840
17
7

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Bank loans
23
32
-
0
-
0
Other loans
1,655
2,393
-
0
-
0
1,678
2,425
-
-
Payable within one year
747
747
-
0
-
0
Payable after one year
931
1,678
-
0
-
0

A company within the Group obtained a £1,000k loan with IGF; the balance at 31 March 2024 amounted to £528k. The loan is being repaid in monthly instalments of £28k plus interest. Interest was payable at a rate of 7% per annum above the applicable rate. The loan was repaid in full post year-end.

 

A company within the Group obtained a £700k loan with IGF; the balance at 31 March 2024 amounted to £601k The loan is being repaid in monthly instalments of £6k plus interest. Interest was payable at a rate of 3.95% per annum above the applicable rate. The loan was repaid in full post year-end.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Loans and overdrafts
(Continued)
- 34 -

A company within the Group obtained a bounce back loan of £50k from Royal Bank of Scotland. The loan is being repaid over a five year period with monthly repayments of £0.8k. The loan is due for repayment in 2025.

 

A company within the Group obtained a £1,000k loan with IGF; the balance as at 31 March 2024 amounted to £528k. The loan is being repaid in monthly instalments of £28k plus interest. Interest was payable at a rate of 7% per annum above the applicable rate. The loan was repaid in full post year-end.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Future minimum lease payments due under finance leases:
Within one year
38
58
6
6
In two to five years
68
162
17
7
106
220
23
13

Finance lease payments represent rentals payable by the Company or Group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Cavity wall insulation provision
133
133
-
-
Movements on provisions:
Cavity wall insulation provision
Group
£ '000
At 1 April 2023 and 31 March 2024
133

The provision recognised at 31 March 2024 totalling £133k (2023: £133k) is held in respect of potential liabilities for ongoing legal claims relating to cavity wall insulation. Management have calculated the provision in accordance with FRS 102 section 21 based on previous third party evidence and taking into account current market conditions.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
22
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£ '000
£ '000
£ '000
£ '000
Accelerated capital allowances
399
51
33
(274)
Tax losses
-
-
-
159
Short term timing differences
(7)
(5)
3
334
392
46
36
219
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£ '000
£ '000
£ '000
£ '000
Accelerated capital allowances
350
-
-
(309)
Short term timing differences
-
-
-
331
350
-
-
22
Group
Company
2024
2024
Movements in the year:
£ '000
£ '000
Asset at 1 April 2023
(173)
(22)
Charge to profit or loss
529
372
Liability at 31 March 2024
356
350

The deferred tax liability set out above is expected to reverse within 12-24 months and relates to the utilisation of tax losses against future expected profits of the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£ '000
£ '000
Charge to profit or loss in respect of defined contribution schemes
434
386

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. Contributions totalling £94k (2023: £73k) were payable to the fund at the reporting date and are included in creditors.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
24
Share capital
2024
2023
2024
2023
Group and Company
Number
Number
£ '000
£ '000
50 B Ordinary shares of £1 each
50
50
-
-
50 B Ordinary shares of £1 each
50
50
-
-
12 C Ordinary shares of £1 each
12
12
-
-
6 D Ordinary shares of £1 each
6
6
-
-
118
118
-
-

All shares rank pari passu in relation to dividends, voting rights and any payments made on winding up.

25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£ '000
£ '000
£ '000
£ '000
Within one year
567
493
-
-
Between two and five years
918
992
-
-
1,485
1,485
-
-
26
Events after the reporting date

On the 8 April 2024, Duality Group Limited, sold 100% of its ordinary share capital to Cap10 4NetZero Bidco Limited. The ultimate parent company is Cap10 Partners Holdco Limited. The ultimate controlling party is Fabrice Nottin.

 

The directors believe that joining the Sureserve Group strengthens the Group’s position in both the heating and the insulation and renewable energy sectors, bringing wider opportunities in both markets as well providing substantial financial backing, in support of the Group’s future acquisition growth aspirations.

DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
27
Related party transactions

During the year shareholders S Maclean, M Holmes, A Byrne and M Donnelly had loans due to the Company totalling £1,929,330 (2023: £491,230) with balances of £1,175,241, £369,100, £383,837 and £1,152 respectively (2023: £80,204, £257,536, £153,463 and £nil respectively). The balance is included within other debtors within debtors due within 1 year. The shareholders remain supportive of the business.

 

The Group hires vehicles from Commercial Fleet Rentals Limited, a company owned by a close family member of one of the directors. During the year the Group hired vehicles from Commercial Fleet Rentals Limited for £1,098,000 (2023: £870,000). Amounts outstanding at the year end, included within creditors, is £41,000 (2023: £2,000).

 

The Group engages Intelihome (UK) Ltd for services. M Donnelly is a director of both companies. During the year, the Group paid for services for £267,000 (2023: £257,000). Amounts outstanding at the year end, included within creditors is £1,000 (2023: £34,000).

28
Controlling party

As at 31 March 2024, there is no one ultimate controlling party.

 

Note 26 contains details of post period end events concerning the parent company and ultimate controlling party at the date of account signing.

29
Cash generated from group operations
2024
2023
£ '000
£ '000
Profit for the year after tax
3,782
1,192
Adjustments for:
Taxation charged
1,442
379
Finance costs
498
317
Investment income
(61)
(12)
Gain on disposal of tangible fixed assets
(8)
(13)
Amortisation and impairment of intangible assets
347
225
Depreciation and impairment of tangible fixed assets
226
199
Decrease in provisions
-
(171)
Movements in working capital:
Decrease/(increase) in stocks
13
(383)
Increase in debtors
(4,433)
(2,118)
(Decrease)/increase in creditors
(1,044)
4,452
Cash generated from operations
762
4,067
DUALITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
30
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£ '000
£ '000
£ '000
Cash at bank and in hand
4,659
(1,355)
3,304
Borrowings excluding overdrafts
(2,425)
747
(1,678)
Obligations under finance leases
(220)
114
(106)
2,014
(494)
1,520
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr A M ByrneMr S MacleanMr M D HolmesMr J P BartlettMr I F HendersonMr D J CorbishleyMr G A LevinsohnMr P J EdwardsMr J S SheridanMr A LoweMr M Donnellyfalsefalse10236858bus:Consolidated2023-04-012024-03-31102368582023-04-012024-03-3110236858bus:Director22023-04-012024-03-3110236858bus:Director72023-04-012024-03-3110236858bus:Director82023-04-012024-03-3110236858bus:Director92023-04-012024-03-3110236858bus:Director12023-04-012024-03-3110236858bus:Director32023-04-012024-03-3110236858bus:Director42023-04-012024-03-3110236858bus:Director52023-04-012024-03-3110236858bus:Director62023-04-012024-03-3110236858bus:Director112023-04-012024-03-3110236858bus:Director102023-04-012024-03-3110236858bus:RegisteredOffice2023-04-012024-03-3110236858bus:Consolidated2024-03-31102368582024-03-3110236858bus:Consolidated2022-04-012023-03-31102368582022-04-012023-03-3110236858core:Goodwillbus:Consolidated2024-03-3110236858core:Goodwillbus:Consolidated2023-03-3110236858core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-3110236858core:OtherResidualIntangibleAssetsbus:Consolidated2023-03-3110236858core:OtherResidualIntangibleAssets2024-03-3110236858core:OtherResidualIntangibleAssets2023-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-3110236858bus:Consolidated2023-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31102368582023-03-3110236858core:LeaseholdImprovementsbus:Consolidated2024-03-3110236858core:PlantMachinerybus:Consolidated2024-03-3110236858core:FurnitureFittingsbus:Consolidated2024-03-3110236858core:ComputerEquipmentbus:Consolidated2024-03-3110236858core:MotorVehiclesbus:Consolidated2024-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-03-3110236858core:LeaseholdImprovementsbus:Consolidated2023-03-3110236858core:PlantMachinerybus:Consolidated2023-03-3110236858core:FurnitureFittingsbus:Consolidated2023-03-3110236858core:ComputerEquipmentbus:Consolidated2023-03-3110236858core:MotorVehiclesbus:Consolidated2023-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-03-3110236858core:LeaseholdImprovements2024-03-3110236858core:PlantMachinery2024-03-3110236858core:FurnitureFittings2024-03-3110236858core:MotorVehicles2024-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3110236858core:LeaseholdImprovements2023-03-3110236858core:PlantMachinery2023-03-3110236858core:FurnitureFittings2023-03-3110236858core:MotorVehicles2023-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3110236858core:ShareCapitalbus:Consolidated2024-03-3110236858core:ShareCapitalbus:Consolidated2023-03-3110236858core:SharePremiumbus:Consolidated2024-03-3110236858core:SharePremiumbus:Consolidated2023-03-3110236858core:RevaluationReservebus:Consolidated2024-03-3110236858core:RevaluationReservebus:Consolidated2023-03-3110236858core:ShareCapital2024-03-3110236858core:ShareCapital2023-03-3110236858core:SharePremium2024-03-3110236858core:SharePremium2023-03-3110236858core:RevaluationReserve2024-03-3110236858core:RevaluationReserve2023-03-3110236858core:RetainedEarningsAccumulatedLosses2024-03-3110236858core:SharePremiumbus:Consolidated2022-03-31102368582022-03-3110236858core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3110236858core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3110236858core:ShareCapital2022-03-3110236858core:SharePremium2022-03-3110236858core:RevaluationReserve2022-03-3110236858core:RetainedEarningsAccumulatedLosses2022-03-3110236858core:RetainedEarningsAccumulatedLosses2023-03-3110236858bus:Consolidated2022-03-3110236858core:Goodwill2023-04-012024-03-3110236858core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110236858core:LeaseholdImprovements2023-04-012024-03-3110236858core:PlantMachinery2023-04-012024-03-3110236858core:FurnitureFittings2023-04-012024-03-3110236858core:ComputerEquipment2023-04-012024-03-3110236858core:MotorVehicles2023-04-012024-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3110236858core:UKTaxbus:Consolidated2023-04-012024-03-3110236858core:UKTaxbus:Consolidated2022-04-012023-03-3110236858bus:Consolidated12023-04-012024-03-3110236858bus:Consolidated12022-04-012023-03-3110236858bus:Consolidated22023-04-012024-03-3110236858bus:Consolidated22022-04-012023-03-3110236858core:Goodwillbus:Consolidated2023-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-03-3110236858bus:Consolidated2023-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110236858core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3110236858core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3110236858core:Goodwillbus:Consolidated2023-04-012024-03-3110236858core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-04-012024-03-3110236858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-04-012024-03-3110236858core:LeaseholdImprovementsbus:Consolidated2023-03-3110236858core:PlantMachinerybus:Consolidated2023-03-3110236858core:FurnitureFittingsbus:Consolidated2023-03-3110236858core:ComputerEquipmentbus:Consolidated2023-03-3110236858core:MotorVehiclesbus:Consolidated2023-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-03-3110236858core:LeaseholdImprovements2023-03-3110236858core:PlantMachinery2023-03-3110236858core:FurnitureFittings2023-03-3110236858core:MotorVehicles2023-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31102368582023-03-3110236858core:LeaseholdImprovementsbus:Consolidated2023-04-012024-03-3110236858core:PlantMachinerybus:Consolidated2023-04-012024-03-3110236858core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3110236858core:ComputerEquipmentbus:Consolidated2023-04-012024-03-3110236858core:MotorVehiclesbus:Consolidated2023-04-012024-03-3110236858core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-04-012024-03-3110236858core:CurrentFinancialInstruments2024-03-3110236858core:CurrentFinancialInstruments2023-03-3110236858core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3110236858core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3110236858core:WithinOneYearbus:Consolidated2024-03-3110236858core:WithinOneYearbus:Consolidated2023-03-3110236858core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110236858core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110236858core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3110236858core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3110236858core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110236858core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110236858core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3110236858core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3110236858core:Non-currentFinancialInstruments2024-03-3110236858core:Non-currentFinancialInstruments2023-03-3110236858core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3110236858core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3110236858core:WithinOneYear2024-03-3110236858core:WithinOneYear2023-03-3110236858core:BetweenTwoFiveYearsbus:Consolidated2024-03-3110236858core:BetweenTwoFiveYearsbus:Consolidated2023-03-3110236858core:BetweenTwoFiveYears2024-03-3110236858core:BetweenTwoFiveYears2023-03-3110236858bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110236858bus:FRS1022023-04-012024-03-3110236858bus:Audited2023-04-012024-03-3110236858bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3110236858bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP