Territory Studio Limited
Annual Report and Financial Statements
For the period ended 31 October 2023
Company Registration No. 07440212 (England and Wales)
Territory Studio Limited
Company Information
Directors
N M Glover
D A Sheldon-Hicks
Secretary
J Davey
Company number
07440212
Registered office
132-140 Goswell Road
Clerkenwell
London
England
EC1V 7DY
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Territory Studio Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 32
Territory Studio Limited
Strategic Report
For the period ended 31 October 2023
Page 1

The reporting period is for the 18 month period from 1 May 2022 to 31 October 2023.

 

The company changed its accounting reference date from 30 April to 31 October with effect from the previous financial year ended 30 April 2022. The financial statements for the current period are made up for the 18 month period from 1 May 2022 to 31 October 2023.

Fair review of the business

 

The company provides creative services and technological solutions to the entertainment industry and global brand clients. It is well diversified by providing a range of services to a broad international client base.

 

The company invested in senior talent and a new studio facility during the period to 31 October 2023 but also encountered challenging market conditions with inflationary pressures, adverse economic market forces and a writers and actors strike in the US. The investment, combined with that of prior periods, benefited the company in driving pro forma turnover growth of 20% (18 months to October 2023: £16,983,974, 12 months to April 2022: £9,426,960) but the results show an operating loss of £2,176,277 (12 months April 2022: operating profit of £1,642,414) from the impact of all factors.

Principal risks and uncertainties

Technology risk

Operating within a technology-driven industry, the company must keep up to date with any such advances and continues to invest in researching and developing new production techniques and acquiring infrastructure to support this.

 

Market risk

The company’s markets continue to face challenges and business remains competitive. A diversified portfolio of services and clients remains critical to the company in managing this, alongside continuing investment in technology to remain competitive.

 

Liquidity risk

The company can experience significant cash flow movements due to the project nature of its revenue and the need for regular capital investment. This is mitigated by multiple projects at any time, with payment and delivery dates spread over the course of the year, and detailed cash flow forecasting.

 

Foreign exchange risk

The company has a wide geographical client base and therefore engages in transactions in multiple currencies. To reduce the exposure to fluctuation in foreign exchange rates the company regularly reviews its non-sterling currency balances and reviews appropriate hedging strategies.

 

 

Territory Studio Limited
Strategic Report (Continued)
For the period ended 31 October 2023
Page 2

Future outlook

 

Going into 2024, the company continues to work with major entertainment clients and large brands. There will continue to be a focus on operational efficiency, aimed at improving upon the negative EBITDA in the period to October 2023.

 

Going concern

 

The directors have prepared the financial statements on a going concern basis. In making this assessment, the directors have considered a wide range of factors, including current and anticipated trading performance, cash flow forecasts, and the availability of funding and financing facilities.

 

Post year end, the group secured debt finance of £2,200,000 and the directors have also received sufficient confirmation and assurances that the group companies will not demand repayment of the intercompany loan balances for a period of at least 12 months from the date of signing of these accounts and that the parent company will provide any further financial support required to the company in order to enable it to continue to trade and to meet its liabilities as they fall due.

Key performance indicators

Key performance indicators are:

 

On behalf of the board

D A Sheldon-Hicks
Director
28 June 2024
Territory Studio Limited
Directors' Report
For the period ended 31 October 2023
Page 3

The directors present their annual report and financial statements for the period ended 31 October 2023.

Principal activities

The principal activity of the company continued to be that of digital creative and production services.

Results and dividends

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

Ordinary dividends were paid amounting to £166,440 (2022: £333,004). The directors do not recommend payment of a final dividend.

Directors

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

N M Glover
D A Sheldon-Hicks
L M Fasciani
(Resigned 13 July 2023)
L Miles
(Resigned 13 July 2023)
Auditor

Moore Kingston Smith LLP were appointed as auditor to the company 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.

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
D A Sheldon-Hicks
Director
28 June 2024
Territory Studio Limited
Directors' Responsibilities Statement
For the period ended 31 October 2023
Page 4

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:

 

 

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.

Territory Studio Limited
Independent Auditor's Report
To the Members of Territory Studio Limited
Page 5
Opinion

We have audited the financial statements of Territory Studio Limited (the 'company') for the period ended 31 October 2023 which comprise the Profit and Loss Account, 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 FRS 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 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.

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.

Territory Studio Limited
Independent Auditor's Report (Continued)
To the Members of Territory Studio Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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 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 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.

Territory Studio Limited
Independent Auditor's Report (Continued)
To the Members of Territory Studio Limited
Page 7
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Territory Studio Limited
Independent Auditor's Report (Continued)
To the Members of Territory Studio Limited
Page 8

Explanation as to what extent 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

Jonathan Dawson
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
28 June 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Territory Studio Limited
Profit and Loss Account
For the period ended 31 October 2023
Page 9
18 months
Year
ended
ended
31 October
30 April
31 October 2023
2022
Notes
£
£
Turnover
3
16,983,974
9,426,960
Cost of sales
(4,646,198)
(2,893,884)
Gross profit
12,337,776
6,533,076
Administrative expenses
(14,774,204)
(5,103,980)
Other operating income
260,151
213,318
Operating (loss)/profit
4
(2,176,277)
1,642,414
Interest receivable and similar income
8
439
-
0
Interest payable and similar expenses
9
(399,219)
(95,564)
(Loss)/profit before taxation
(2,575,057)
1,546,850
Tax on (loss)/profit
10
363,635
(30,850)
(Loss)/profit for the financial period
(2,211,422)
1,516,000

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Territory Studio Limited
Balance Sheet
As at 31 October 2023
Page 10
31 October 2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
7,000
10,000
Other intangible assets
11
18,596
-
0
Total intangible assets
25,596
10,000
Tangible assets
12
2,333,198
336,634
Investments
13
20,888
20,888
2,379,682
367,522
Current assets
Debtors
15
3,241,764
2,689,802
Cash at bank and in hand
890,961
3,156,669
4,132,725
5,846,471
Creditors: amounts falling due within one year
16
(4,062,451)
(2,041,570)
Net current assets
70,274
3,804,901
Total assets less current liabilities
2,449,956
4,172,423
Creditors: amounts falling due after more than one year
17
(1,560,555)
(1,010,081)
Provisions for liabilities
Provisions
20
(271,595)
(90,000)
Deferred tax liability
21
-
0
(76,674)
(271,595)
(166,674)
Net assets
617,806
2,995,668
Capital and reserves
Called up share capital
24
817
817
Profit and loss reserves
616,989
2,994,851
Total equity
617,806
2,995,668
Territory Studio Limited
Balance Sheet (Continued)
As at 31 October 2023
Page 11
The financial statements were approved by the board of directors and authorised for issue on 28 June 2024 and are signed on its behalf by:
D A Sheldon-Hicks
Director
Company Registration No. 07440212
Territory Studio Limited
Statement of Changes in Equity
For the period ended 31 October 2023
Page 12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
800
2,036,855
2,037,655
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
1,516,000
1,516,000
Issue of share capital
23
17
-
17
Dividends
10
-
(333,004)
(333,004)
Debit to equity for equity settled share-based payments
23
-
(225,000)
(225,000)
Balance at 30 April 2022
817
2,994,851
2,995,668
Period ended 31 October 2023:
Loss and total comprehensive income for the period
-
(2,211,422)
(2,211,422)
Dividends
10
-
(166,440)
(166,440)
Balance at 31 October 2023
817
616,989
617,806
Territory Studio Limited
Notes to the Financial Statements
For the period ended 31 October 2023
Page 13
1
Accounting policies
Company information

Territory Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 132-140 Goswell Road, Clerkenwell, London, England, EC1V 7DY.

1.1
Reporting period

The reporting period is that other than a year, covering the 18 month period from 1 May 2022 to 31 October 2023.

1.2
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Exemptions for qualifying entities under FRS 102

 

The company is a qualifying entity as defined in the FRS and has therefore taken advantage of the following disclosure exemptions:

· The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv)

· The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d)

· The requirement of Section 33 Related Party Disclosures paragraph 33.7 relating to key management remuneration

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Territory Studio Limited is a wholly owned subsidiary of Territory Studio (Holdings) Limited and the results and cash flows of this company are included in the consolidated financial statements of Territory Studio (Holdings) Limited, which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 14
1.3
Going concern

Notwithstanding, the company made a loss during the period of £2,211,422 (2022: £1,516,000 profit) and at the balance sheet date had net assets of £617,806 (2022: £2,995,668), at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

 

Post year end, the group secured debt finance of £2,200,000 which resulted in a significant injection of cash into the company. As such the cash flow forecasts prepared by the directors for a period of 12 months from the date of approval of these financial statements indicate that the company will continue to trade and generate cash from trading in 2024 and 2025. The directors continue to monitor the business performance, and in the event income is impacted significantly they will consider cost cutting measures in order to ensure the long term viability of the business.

 

The directors have also received sufficient confirmation and assurances that the group companies will not demand repayment of the intercompany loan balances for a period of at least 12 months from the date of signing of these accounts and that the parent company will provide any further financial support required to the company in order to enable it to continue to trade and to meet its liabilities as they fall due. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.4
Turnover

Turnover is in respect of the provision of services including fees, commissions and rechargeable expenses.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, in relation to contractual hourly staff rates, freelancer costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with the fair value of goods and services received.

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 15
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.

1.6
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:

Software
3 years straight line
1.7
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:

Leasehold land and buildings
Over 7 years
Fixtures and fittings
3 years straight line
Computers
3 years 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 credited or charged to profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 16
1.9
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.10
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.

1.11
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

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.

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 17
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 company 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 company 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.

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 18
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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 company’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 when the company has 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.

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 19
1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

1.15
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.

1.16
Retirement benefits

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

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

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with the fair value of goods and services received.

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
1
Accounting policies
(Continued)
Page 20
1.17
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 leases asset are consumed.

 

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 21
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Revenue recognition

Significant management judgement is required in determining the point at which revenue should be

recognised. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, in relation to contractual hourly staff rates, freelancer costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Depreciation rates

The annual depreciation charge for property, plant and equipment is sensitive to changes in the

estimated useful economic lives and residual values of the assets. The useful economic lives and

residual values are re-assessed annually. They are amended when necessary to reflect current

estimates, based on technological advancement, future investments, economic utilisation and the

physical condition of the assets.

Dilapidations

Provisions have been made for dilapidations. This provision is an estimate and the actual cost and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

Share based payments

Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of share-based payments and the assumptions applied are disclosed in note 23

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 22
3
Turnover and other revenue
31 October 2023
2022
£
£
Turnover analysed by class of business
Motion
14,464,123
8,162,693
Creative advertising
2,518,853
1,263,967
Commission
998
300
16,983,974
9,426,960
31 October 2023
2022
£
£
Turnover analysed by geographical market
UK
8,863,422
6,795,797
North America
6,987,416
2,019,222
Asia
49,121
584,675
Europe
1,084,015
27,266
16,983,974
9,426,960
31 October 2023
2022
£
£
Other significant revenue
Interest income
439
-
4
Operating (loss)/profit
31 October 2023
2022
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(18,949)
(57,865)
Depreciation of owned tangible fixed assets
417,947
167,788
Depreciation of tangible fixed assets held under finance leases
403,992
-
Amortisation of intangible assets
12,154
-
Share-based payments
-
(225,000)
Operating lease charges
1,382,663
209,961
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 23
5
Auditor's remuneration
31 October 2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
42,000
-
0
6
Employees

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

31 October 2023
2022
Number
Number
85
65

Their aggregate remuneration comprised:

31 October 2023
2022
£
£
Wages and salaries
8,045,266
3,032,415
Social security costs
816,135
357,283
Pension costs
181,098
75,871
9,042,499
3,465,569
7
Directors' remuneration
31 October 2023
2022
£
£
Remuneration for qualifying services
-
0
140,646

The company directors are remunerated through the group parent company, Territory Holdings Limited. The payroll cost recharged to Territory Studio Limited in relation to directors remuneration is £21,127 (2022: £nil).

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 24
8
Interest receivable and similar income
31 October 2023
2022
£
£
Interest income
Interest on bank deposits
439
-
0
9
Interest payable and similar expenses
31 October 2023
2022
£
£
Interest on bank overdrafts and loans
399,219
95,564
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 25
10
Taxation
31 October 2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(286,961)
30,850
Deferred tax
Origination and reversal of timing differences
(76,674)
-
0
Total tax (credit)/charge
(363,635)
30,850

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

31 October 2023
2022
£
£
(Loss)/profit before taxation
(2,575,057)
1,546,850
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 21.00% (2022: 19.00%)
(540,762)
293,902
Tax effect of expenses that are not deductible in determining taxable profit
136,903
Depreciation on assets not qualifying for tax allowances
157,151
31,946
Amortisation on assets not qualifying for tax allowances
2,554
-
0
Research and development tax credit
(42,807)
(230,750)
Other non-reversing timing differences
-
0
(64,248)
Deferred tax
(76,674)
-
0
Taxation (credit)/charge for the period
(363,635)
30,850
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 26
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2022
20,000
-
0
20,000
Additions
-
0
27,750
27,750
At 31 October 2023
20,000
27,750
47,750
Amortisation and impairment
At 1 May 2022
10,000
-
0
10,000
Amortisation charged for the period
3,000
9,154
12,154
At 31 October 2023
13,000
9,154
22,154
Carrying amount
At 31 October 2023
7,000
18,596
25,596
At 30 April 2022
10,000
-
0
10,000
12
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
17,300
227,672
883,264
1,128,236
Additions
702,428
1,170,300
947,711
2,820,439
Disposals
-
0
(88,863)
(25,742)
(114,605)
At 31 October 2023
719,728
1,309,109
1,805,233
3,834,070
Depreciation and impairment
At 1 May 2022
14,128
220,678
556,796
791,602
Depreciation charged in the period
146,587
253,325
422,027
821,939
Eliminated in respect of disposals
-
0
(88,862)
(23,807)
(112,669)
At 31 October 2023
160,715
385,141
955,016
1,500,872
Carrying amount
At 31 October 2023
559,013
923,968
850,217
2,333,198
At 30 April 2022
3,172
6,994
326,468
336,634
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
12
Tangible fixed assets
(Continued)
Page 27

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

31 October 2023
2022
£
£
Fixtures and fittings
923,833
-
0
Computers
762,526
-
0
1,686,359
-

As at 31 October 2023 depreciation charged on assets held under finance leases or hire purchase contracts totaled £403,992 (2022: £nil).

13
Fixed asset investments
31 October 2023
2022
£
£
Investments in subsidiaries
888
888
Other investments
20,000
20,000
20,888
20,888
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Territory Studio Ireland Ltd
99 St. Stephen's Green, Dublin 2, D02 V278, Ireland.
Ordinary
100.00

 

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 28
15
Debtors
31 October 2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,397,573
1,541,126
Corporation tax recoverable
253,898
23,075
Amounts owed by group undertakings
5,952
171,685
Other debtors
349,434
126,677
Prepayments and accrued income
1,234,907
827,239
3,241,764
2,689,802
16
Creditors: amounts falling due within one year
31 October 2023
2022
Notes
£
£
Bank loans
18
-
0
641,008
Obligations under finance leases
19
441,527
-
0
Trade creditors
1,007,815
428,909
Amounts owed to group undertakings
550,480
105,000
Taxation and social security
412,060
276,122
Other creditors
92,171
29,843
Accruals and deferred income
1,558,398
560,688
4,062,451
2,041,570

A fixed and floating charge held over all the property and undertaking of the company was created on 24 September 2020 in favour of Tc Loans (CBILs) Limited. This charge was satisfied during the financial period.

 

17
Creditors: amounts falling due after more than one year
31 October 2023
2022
Notes
£
£
Obligations under finance leases
19
1,560,555
-
0
Other borrowings
18
-
0
1,010,081
1,560,555
1,010,081
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 29
18
Loans and overdrafts
31 October 2023
2022
£
£
Bank loans
-
0
641,008
Other loans
-
0
1,010,081
-
0
1,651,089
Payable within one year
-
0
641,008
Payable after one year
-
0
1,010,081

 

The prior year balance represents the CBILs loan creditor balance which was paid off in full during the period.

19
Finance lease obligations
31 October 2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
441,527
-
0
In two to five years
1,560,555
-
0
2,002,082
-
0

The company entered into HP leases in the current period. Finance lease payments represent HP leases payable by the company for certain items of plant and machinery.

20
Provisions for liabilities
31 October 2023
2022
£
£
Dilapidations provision
271,595
90,000
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 30
21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
31 October 2023
2022
31 October 2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
422,313
76,674
-
-
Tax losses
-
-
422,313
-
422,313
76,674
422,313
-
22
Retirement benefit schemes
31 October 2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
181,098
75,871

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.

23
Share-based payment transactions
Number of share options
Weighted average exercise price
31 October 2023
2022
31 October 2023
2022
Number
Number
£
£
Outstanding at 1 May 2022
-
0
225,000
-
0
-
0
Granted
-
0
-
0
-
0
-
0
Forfeited
-
(60,000)
-
-
0
Exercised
-
0
(165,000)
-
0
-
0
Outstanding at 31 October 2023
-
0
-
0
-
0
-
0
Exercisable at 31 October 2023
-
0
-
0
-
0
-
0
During the prior year, 60,000 options had been forfeited, 165,000 options were exercised and there were no options outstanding or exercisable at 30 April 2022.
Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 31
24
Share capital
31 October 2023
2022
31 October 2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
MA shares of 0.0001p each of 0.01p each
3,000,000
3,000,000
300
300
MB shares of 0.0001p each of 0.01p each
2,000,000
2,000,000
200
200
MC shares of 0.0001p each of 0.01p each
3,170,000
3,170,000
317
317
8,170,000
8,170,000
817
817

Voting: The "MA","MB" and "MC" classes of ordinary share capital entitle the holders to receive notice of, attend and vote at general meetings.

 

Dividends: The directors of the company shall declare and/or distribute dividends in respect of the "MA","MB" and "MC" shares. Dividends are determined, at the absolute discretion of the directors, from the available profits.

 

Liquidation: Preference and exit provisions on a return of assets on liquidation, capital reduction or otherwise (other than conversion, redemption or purchase of shares). The assets of the company remaining after payment of it's liabilities shall be applied in paying first to the holders of the "MA" shares as a class an amount which shall not, in aggregate, exceed £900,000. Second in paying to the holders of the "MB" shares as a class and amount which shall not, in aggregate, exceed £1,981,200. Third in paying any surplus above the sum of £2,881,200 to the holders of the "MC" shares as a class.

 

 

25
Operating lease commitments
Lessee

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

31 October 2023
2022
£
£
Within one year
513,839
8,907
Between two and five years
2,740,475
-
0
In over five years
4,110,713
-
0
7,365,027
8,907
26
Events after the reporting date

On 13 March 2024 Claret European Specialty Lending Company III S.A.R.L secured monies due to them by way of a fixed and floating charge over the company and its assets.

 

 

Territory Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 October 2023
Page 32
27
Related party transactions

Territory Studio Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.7.

 

At the year end, a creditor balance was owed from the company of £64,000 (2022: £157 owed to) in relation to monies owed with directors.

 

During the period, sales of £25,048 (2022: £nil) were made from New Territory Design Limited, a related party by virtue of common control and directorship. At the year end a balance of £4,089 (2022: £nil) was owed from New Territory Design Limited.

28
Ultimate controlling party

The immediate and ultimate parent undertaking of the company is Territory Studio (Holdings) Limited, a company registered in England and Wales, registered at 132-140 Goswell Road, Clerkenwell, London, England, EC1V 7DY. Their consolidated financial statements are available from Companies House.

 

The ultimate controlling parties are N Glover and D Sheldon-Hicks by virtue of their majority shareholding in Territory Studio (Holdings) Limited.

29
Prior year reclassifications

In the prior year final signed accounts, certain assets and liabilities had been classified under debtors and creditors but have been mapped to different codes in the current year comparatives. This has resulted in presentational differences of £53,083 to debtors, £35,354 to creditors, and £90,157 to provisions; with no impact to profit reported in the prior year nor to the net assets position as at 30 April 2022.

2023-10-312022-05-01falseCCH SoftwareCCH Accounts Production 2024.210N M GloverD A Sheldon-HicksL M FascianiL MilesJ Daveyfalsefalse074402122022-05-012023-10-3107440212bus:Director12022-05-012023-10-3107440212bus:Director22022-05-012023-10-3107440212bus:CompanySecretary12022-05-012023-10-3107440212bus:Director32022-05-012023-10-3107440212bus:Director42022-05-012023-10-3107440212bus:RegisteredOffice2022-05-012023-10-31074402122023-10-31074402122021-05-012022-04-3007440212core:RetainedEarningsAccumulatedLosses2021-05-012022-04-3007440212core:RetainedEarningsAccumulatedLosses2022-05-012023-10-3107440212core:Goodwill2023-10-3107440212core:Goodwill2022-04-3007440212core:OtherResidualIntangibleAssets2023-10-3107440212core:OtherResidualIntangibleAssets2022-04-30074402122022-04-3007440212core:ComputerSoftware2023-10-3107440212core:ComputerSoftware2022-04-3007440212core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-3107440212core:FurnitureFittings2023-10-3107440212core:ComputerEquipment2023-10-3107440212core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-3007440212core:FurnitureFittings2022-04-3007440212core:ComputerEquipment2022-04-3007440212core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3107440212core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3007440212core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3107440212core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-3007440212core:CurrentFinancialInstruments2023-10-3107440212core:CurrentFinancialInstruments2022-04-3007440212core:Non-currentFinancialInstruments2023-10-3107440212core:Non-currentFinancialInstruments2022-04-3007440212core:ShareCapital2023-10-3107440212core:ShareCapital2022-04-3007440212core:RetainedEarningsAccumulatedLosses2023-10-3107440212core:RetainedEarningsAccumulatedLosses2022-04-3007440212core:ShareCapital2021-04-3007440212core:RetainedEarningsAccumulatedLosses2021-04-3007440212core:ShareCapitalOrdinaryShares2023-10-3107440212core:ShareCapitalOrdinaryShares2022-04-3007440212core:ShareCapital2021-05-012022-04-3007440212core:Goodwill2022-05-012023-10-3107440212core:IntangibleAssetsOtherThanGoodwill2022-05-012023-10-3107440212core:ComputerSoftware2022-05-012023-10-3107440212core:LandBuildingscore:LongLeaseholdAssets2022-05-012023-10-3107440212core:FurnitureFittings2022-05-012023-10-3107440212core:ComputerEquipment2022-05-012023-10-3107440212core:UKTax2022-05-012023-10-3107440212core:UKTax2021-05-012022-04-300744021212022-05-012023-10-310744021212021-05-012022-04-300744021222022-05-012023-10-310744021222021-05-012022-04-300744021232022-05-012023-10-310744021232021-05-012022-04-3007440212core:Goodwill2022-04-3007440212core:ComputerSoftware2022-04-30074402122022-04-3007440212core:Goodwillcore:ExternallyAcquiredIntangibleAssets2022-05-012023-10-3107440212core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-05-012023-10-3107440212core:ExternallyAcquiredIntangibleAssets2022-05-012023-10-3107440212core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-3007440212core:FurnitureFittings2022-04-3007440212core:ComputerEquipment2022-04-3007440212core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-012023-10-3107440212core:WithinOneYear2023-10-3107440212core:WithinOneYear2022-04-3007440212core:BetweenTwoFiveYears2023-10-3107440212core:BetweenTwoFiveYears2022-04-30074402122021-04-3007440212core:MoreThanFiveYears2023-10-3107440212core:MoreThanFiveYears2022-04-3007440212bus:PrivateLimitedCompanyLtd2022-05-012023-10-3107440212bus:FRS1022022-05-012023-10-3107440212bus:Audited2022-05-012023-10-3107440212bus:FullAccounts2022-05-012023-10-31xbrli:purexbrli:sharesiso4217:GBP