Company registration number 05928377 (England and Wales)
IRDETO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
IRDETO UK LIMITED
COMPANY INFORMATION
Directors
A M Bunten
D W H Lowther
Secretary
D W H Lowther
Company number
05928377
Registered office
c/o Azets
Burham Yard
London End
Beaconsfield
Bucks
UK
HP9 2JH
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
Business address
48-54 Charlotte Street
London
United Kingdom
W1T 2N5
IRDETO UK LIMITED
CONTENTS
Page
Directors' report
1
Independent auditor's report
2 - 4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Notes to the financial statements
8 - 14
IRDETO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of that of marketing internet software products.
Dividends
No dividends will be distributed for the year ended 31 March 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A M Bunten
D W H Lowther
M J J Koning
(Resigned 11 May 2023)
O Hussain
(Appointed 1 September 2023 and resigned 27 February 2024)
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
A M Bunten
D W H Lowther
Director
Director
20 September 2024
IRDETO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IRDETO UK LIMITED
- 2 -
Opinion
We have audited the financial statements of Irdeto UK Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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 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:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
IRDETO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IRDETO UK LIMITED
- 3 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
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 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 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.
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.
IRDETO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IRDETO UK LIMITED
- 4 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Green MA (Cantab) FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 September 2024
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
IRDETO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
as restated
Notes
£
£
Turnover
2
3,705,129
1,611,676
Administrative expenses
(3,481,502)
(1,499,339)
Profit before taxation
223,627
112,337
Tax on profit
7
(24,603)
Profit for the financial year
223,627
87,734
The profit and loss account has been prepared on the basis that all operations are continuing operations.
IRDETO UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
8
2,340,292
1,345,533
Creditors: amounts falling due within one year
9
(992,468)
(407,601)
Net current assets
1,347,824
937,932
Capital and reserves
Called up share capital
11
1,000
1,000
Other reserves
315,127
128,862
Profit and loss reserves
1,031,697
808,070
Total equity
1,347,824
937,932
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
A M Bunten
D W H Lowther
Director
Director
Company Registration No. 05928377
IRDETO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Share capital
Share based payment reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1,000
114,593
720,336
835,929
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
87,734
87,734
Movement in equity settled share based payments
-
14,269
14,269
Balance at 31 March 2023
1,000
128,862
808,070
937,932
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
223,627
223,627
Movement in equity settled share based payments
-
186,265
186,265
Balance at 31 March 2024
1,000
315,127
1,031,697
1,347,824
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information
Irdeto UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Burham Yard, London End, Beaconsfield, Bucks, UK, HP9 2JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Multichoice Group Limited. These consolidated financial statements are available from its registered office, Multichoice City, 144 Bram Fischer Drive, Randburg, Gauteng, South Africa, 2194.
1.2
Going concern
The directors have prepared and reviewed forecasts and projections for the Company and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, relates, value added tax and other sales taxes.
Recharge to group
Turnover from services to group companies is recognised in accordance with the transfer pricing agreements.
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.4
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.
The company is part of a cash pool arrangement to manage the group cash and liquidity position. Through this arrangement excess cash balances are swept from selected subsidiary companies into Irdeto B.V accounts. These companies have immediate access to its cash balances if required.
1.5
Financial instruments
The company uses certain financial instruments in its normal operating and investing activities, which are deemed appropriate to its circumstances, such as trade receivables and trade payables, amounts due from/to group undertakings, cash at bank deposits and equity shares. Financial assets and liabilities are recognised on the company's balance sheet when the company has become a party to the contractual provisions of the instrument.
Debtors and creditors, due in one year, with no stated interest rate are recorded at transaction price
1.6
Equity instruments
Equity instruments issued by the company 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 company.
1.7
Taxation
The tax charge is determined based on taxable income for the year and includes current tax and deferred tax.
Current tax
The current tax charge is the tax payable on the taxable income for the financial year applying enacted or substantively enacted tax rates.
Deferred tax
Deferred tax is provided for on all temporary differences between the carrying amount of assets and liabilities for accounting purposes and the amounts used for tax purposes. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences and unused tax losses can be utilised.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.9
Share-based payments
For the equity settled share based payments, the Company recognises an employee benefit expense in the income statement, representing the fair value of the RSUs granted to the Company’s employees.
The fair value of the options at the date of grant is charged to income over the relevant vesting periods, adjusted to reflect actual and expected levels of vesting. The fair value of the equity instruments are calculated using the Black-Scholes model.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment.
The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
For the cash-settled compensation plans, the Company recognises a liability, and at the end of each reporting period the fair value of the liability is remeasured.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover
2024
2023
£
£
Turnover analysed by geographical market
Europe
2,077,351
1,611,676
UK
1,627,778
-
3,705,129
1,611,676
All turnover has been derived from its principal activity.
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
3
(176)
Share-based payments
102,065
(524,633)
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,800
16,000
For other services
Taxation compliance services
10,990
8,288
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Business development
-
3
IT architects / Engineers
7
6
Project manager
1
1
Intelligence analyst
2
2
Paralegal
-
1
Special projects
2
2
Marketing
1
-
Showmax
4
-
Total
17
15
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,849,132
957,963
Social security costs
419,579
304,952
Pension costs
102,868
88,825
3,371,579
1,351,740
6
Directors' remuneration
No directors were paid by this company.
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(63)
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Taxation
2024
2023
£
£
(Continued)
- 12 -
Deferred tax
Origination and reversal of timing differences
24,666
Total tax charge
24,603
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
223,627
112,337
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
55,907
21,344
Tax effect of expenses that are not deductible in determining taxable profit
1,538
4,909
Permanent capital allowances in excess of depreciation
(4,179)
(3,873)
Deferred tax
24,666
Utilisation of tax losses b/fwd
(43,061)
(29,021)
Timing difference on pension contribution
(10,205)
6,578
Taxation charge for the year
-
24,603
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,297,493
1,306,345
Other debtors
6,139
5,638
Prepayments and accrued income
36,660
33,550
2,340,292
1,345,533
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,365
Taxation and social security
201,078
15,167
Other creditors
86,684
157,692
Accruals and deferred income
704,706
230,377
992,468
407,601
Included within accruals are outstanding pension contributions of £22,600 (2023: £50,873).
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,868
88,825
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Share-based payment transactions
The company participates in a group-settled stock-based arrangement granted by its ultimate parent company to its employees.
Currently the company operates 2 equity compensation plans:
-MultiChoice Group Restricted Stock Unit Plan (RSU) which is accounted for as equity settled using Black Scholes model.
-Irdeto Restricted Stock Unit Plan (RSU), a phantom share scheme that was created in the financial year 2021 and is classified as cash settled.
All awards are granted subject to the completion of a requisite service period by employees, ranging from two to five years.
At the year end the fair value of the equity settled share based payments was £315,127 (2023: £128,862) and the cash settled share based payments liability was £56,166 (2023: £140,366).
13
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
IRDETO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
14
Ultimate controlling party
The immediate parent undertaking is Irdeto Holdings BV, a company incorporated in the Netherlands.
The ultimate parent undertaking and controlling party is Multichoice Group Limited, a company incorporated in South Africa and listed in Johannesburg Stock Exchange (JSE:MCG). Multichoice Group Limited prepares group financial statements and these are available from the company's registered office, Multichoice City, 144 Bram Fischer Drive, Randburg, Gauteng, South Africa, 2194.
15
Deferred tax
A potential deferred tax asset of approximately £324,050 (2023: £339,554), in respect of trading losses, has not been recognised on the grounds that there is insufficient evidence at the current time that the asset will be recoverable in the foreseeable future. The tax losses of approximately £1,296,201 (2023: £1,358,216) may be utilised in future periods through the generation of future taxable profits.
16
Prior period adjustment
There is a prior year adjustment required to recognise the share based payments. The impact of the equity settled share based payments was to increase the share based payment reserve by £114,593 at 1 April 2022 and recognise an increase in the share based payment reserve by £14,269 for the year ended 31 March 2023. The impact of the cash settled share based payments was to increase the liability by £679,268 at 1 April 2022 and recognise a reduction in the liability by £538,902 for the year ended 31 March 2023. Due to the cost plus recharge to the group this resulted in an overall decrease in revenue of £566,604 in the year ended 31 March 2023.
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