Company registration number 09573271 (England and Wales)
EXPERIENTIAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
EXPERIENTIAL LTD
COMPANY INFORMATION
Directors
Mr S R Brooks
Mr D M Brook
Mr M J Robinson
Mr R D Carvey
Mr S P Hill
Company number
09573271
Registered office
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
Auditor
Sumer Auditco Limited
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
EXPERIENTIAL LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
EXPERIENTIAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Business Review

Experiential Ltd has had another successful year based upon the figures set and targets reached for the year. The group has managed to maintain a satisfactory level of business throughout all its subsidiaries which has resulted in the group being recognised as a medium business for the first time. Since its incorporation in 2015 the group has grown to encompass 3 companies and further potential opportunities are under review by the board.

Going Concern & Financial Stability

Experiential Ltd is considered a going concern due to its robust financial health and continued commitment to operational efficiency. The shareholders are committed to development of the group as a whole and are actively seeking ways to further improve the group’s offering.

Key Performance Indicators

Experiential Ltd recognises the following financial indicators that are driving business success. Areas of company performance that are actively being monitored are seen below. The shareholders recognise that this is only for two companies within the group (HW & HWAV) whilst Go Tenda is still in its infancy year.

 

Turnover - The groups turnover has continued to steadily increase since the Pandemic. The Shareholders meet quarterly to ensure we are on target to reach the revenue targets for the group. The turnover of the last 3 financial years is as follows;

YE 2022 - £8,082,859 (reduced operation Pandemic)

YE 2023 - £13,445,221

YE 2024 - £14,245,795

 

Profit - Both Gross and Net profit margins remain on target within the parameters set. Despite external economic factors and direct cost increases. The gross profit margin for the last 3 financial years is as follows;

YE 2022 - £3,890,183 - 48%

YE 2023 - £6,285,251 - 47%

YE 2024 - £6,820,183 - 48%

Future Developments

In order to continue the growth of the group, Experiential Ltd recognises that it cannot stand still. It highlights the following areas (but not limited to) as need for continual improvement;

Geographic Expansion - Due to the increased levels in overseas work, the group is currently exploring opportunities to expand operations into other countries, in order to meet local requirements and meet demand.

Potential Purchases - The shareholders are continually monitoring the group spend and looking to invest in/purchase additional companies where required to save cost.

Alternative Investments - To help maintain profit margins, strategic investments are continually reviewed to increase revenue streams.

Conclusions

Experiential Ltd is well-positioned for sustainable growth, backed by strong financials and a clear strategic vision. By mitigating risks and capitalizing on opportunities, we are confident in our ability to deliver value to our stakeholders.

On behalf of the board

Mr S P Hill
Director
26 September 2024
EXPERIENTIAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of a holding company with the subsidiaries focusing on the arrangement of media promotions, renting and leasing machinery and equipment as well as software development.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,677,506. The directors do not recommend payment of a further dividend.

Directors

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

Mr S R Brooks
Mr D M Brook
Mr M J Robinson
Mr R D Carvey
Mr S P Hill
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 S P Hill
Director
26 September 2024
EXPERIENTIAL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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.

EXPERIENTIAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPERIENTIAL LTD
- 4 -
Opinion

We have audited the financial statements of Experiential Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

EXPERIENTIAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPERIENTIAL LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

EXPERIENTIAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPERIENTIAL LTD
- 6 -

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the Group and parent company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

 

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

 

Firstly, the Group and the parent company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Group and the parent company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: corporate governance, consumer contracts, health and safety, anti-bribery and corruption, human rights and employment law and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

 

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 and parent company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

Unaudited comparatives

The group and parent company were not required to have a statutory audit for the year ended 31 March 2023 as it was entitled to exemption by the provision of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 March 2023 are unaudited.

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.

EXPERIENTIAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPERIENTIAL LTD
- 7 -
Timothy O'Connor (Senior Statutory Auditor)
For and on behalf of Summer Auditco Limited
26 September 2024
Statutory Auditor
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
EXPERIENTIAL LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,245,795
13,445,221
Cost of sales
(7,425,612)
(7,159,970)
Gross profit
6,820,183
6,285,251
Administrative expenses
(3,538,434)
(2,870,749)
Other operating income
14,515
8,135
Operating profit
4
3,296,264
3,422,637
Interest receivable and similar income
8
30,192
4,167
Profit before taxation
3,326,456
3,426,804
Tax on profit
9
(851,131)
(695,970)
Profit for the financial year
2,475,325
2,730,834
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EXPERIENTIAL LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
79,475
25,200
Tangible assets
12
1,009,099
980,160
1,088,574
1,005,360
Current assets
Stocks
15
297,695
351,115
Debtors
16
3,185,176
3,153,975
Cash at bank and in hand
2,377,725
2,470,859
5,860,596
5,975,949
Creditors: amounts falling due within one year
17
(3,149,278)
(2,965,862)
Net current assets
2,711,318
3,010,087
Total assets less current liabilities
3,799,892
4,015,447
Provisions for liabilities
Deferred tax liability
18
217,345
230,719
(217,345)
(230,719)
Net assets
3,582,547
3,784,728
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
3,582,447
3,784,628
Total equity
3,582,547
3,784,728
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
Mr S P Hill
Director
Company registration number 09573271 (England and Wales)
EXPERIENTIAL LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,159,770
3,159,670
Current assets
Debtors
16
80,900
1,938,646
Cash at bank and in hand
620,387
483,495
701,287
2,422,141
Creditors: amounts falling due within one year
17
(843,611)
(487,538)
Net current (liabilities)/assets
(142,324)
1,934,603
Net assets
3,017,446
5,094,273
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
3,017,346
5,094,173
Total equity
3,017,446
5,094,273

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £600,678 (2023 - £2,805,147 profit).

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
Mr S P Hill
Director
Company registration number 09573271 (England and Wales)
EXPERIENTIAL LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
3,475,874
3,475,974
Year ended 31 March 2023:
Profit and total comprehensive income
-
2,730,834
2,730,834
Dividends
10
-
(2,422,080)
(2,422,080)
Balance at 31 March 2023
100
3,784,628
3,784,728
Year ended 31 March 2024:
Profit and total comprehensive income
-
2,475,325
2,475,325
Dividends
10
-
(2,677,506)
(2,677,506)
Balance at 31 March 2024
100
3,582,447
3,582,547
EXPERIENTIAL LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
4,711,106
4,711,206
Year ended 31 March 2023:
Profit and total comprehensive income
-
2,805,147
2,805,147
Dividends
10
-
(2,422,080)
(2,422,080)
Balance at 31 March 2023
100
5,094,173
5,094,273
Year ended 31 March 2024:
Profit and total comprehensive income
-
600,679
600,679
Dividends
10
-
(2,677,506)
(2,677,506)
Balance at 31 March 2024
100
3,017,346
3,017,446
EXPERIENTIAL LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,548,735
2,646,764
Income taxes paid
(516,890)
(524,529)
Net cash inflow from operating activities
3,031,845
2,122,235
Investing activities
Purchase of intangible assets
(61,500)
(25,200)
Purchase of tangible fixed assets
(420,165)
(682,416)
Proceeds from disposal of tangible fixed assets
4,000
564
Repayment of loans
-
(4,567)
Interest received
30,192
4,167
Net cash used in investing activities
(447,473)
(707,452)
Financing activities
Dividends paid to equity shareholders
(2,677,506)
(2,422,080)
Net cash used in financing activities
(2,677,506)
(2,422,080)
Net decrease in cash and cash equivalents
(93,134)
(1,007,297)
Cash and cash equivalents at beginning of year
2,470,859
3,478,156
Cash and cash equivalents at end of year
2,377,725
2,470,859
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Experiential Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 820 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ.

 

The group consists of Experiential Ltd and all of its subsidiaries as set out in note 14.

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. The principal accounting policies adopted are set out below.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Experiential Ltd 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover 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.

1.7
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:

Development costs
- 3 years straight line
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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 improvements
- 15 years straight line
Plant and equipment
- 25% straight line / 3 years straight line / 15% straight line
Computers
- 20% straight line
Motor vehicles
- 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.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

1.10
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.

EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

1.12
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.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include 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.

EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

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.

EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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.

EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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
2024
2023
£
£
Turnover analysed by class of business
Main activity
14,245,795
13,445,221
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,173,312
3,579,467
EU
3,123,053
2,176,260
Rest of World
8,949,430
7,689,494
14,245,795
13,445,221
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
60,089
(18,788)
Depreciation of owned tangible fixed assets
355,000
114,813
Loss on disposal of tangible fixed assets
32,226
2,148
Amortisation of intangible assets
7,225
-
Operating lease charges
245,270
248,327
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,400
-
Audit of the financial statements of the company's subsidiaries
12,350
-
15,750
-
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
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
Management
17
12
5
5
Administration
5
4
-
-
Design
17
14
-
-
Production
10
8
-
-
Accounts
8
6
-
-
Total
57
44
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,116,342
2,003,711
-
0
-
0
Social security costs
214,217
209,864
-
-
Pension costs
98,838
164,346
-
0
-
0
2,429,397
2,377,921
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
65,244
65,371
Company pension contributions to defined contribution schemes
50,000
128,120
115,244
193,491

During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
29,483
4,167
Other interest income
709
-
Total income
30,192
4,167
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Interest receivable and similar income
(Continued)
- 22 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
29,483
4,167
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
864,505
516,875
Adjustments in respect of prior periods
-
0
12
Total current tax
864,505
516,887
Deferred tax
Origination and reversal of timing differences
(13,374)
179,083
Total tax charge
851,131
695,970

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
3,326,456
3,426,804
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
831,614
651,093
Tax effect of expenses that are not deductible in determining taxable profit
111,178
21,091
Tax effect of income not taxable in determining taxable profit
(75,651)
(56,464)
Group relief
-
0
(83,578)
Under provided in prior years
-
0
12
Dividend income
75,652
56,464
Net book value of qualifying assets
(78,632)
(71,437)
Tax written down values
344
(294)
Deferred tax charge
(13,374)
179,083
Taxation charge
851,131
695,970
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
2,677,506
2,422,080
11
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2023
25,200
Additions
61,500
At 31 March 2024
86,700
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the year
7,225
At 31 March 2024
7,225
Carrying amount
At 31 March 2024
79,475
At 31 March 2023
25,200
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
75,586
1,149,356
187,297
74,387
1,486,626
Additions
127,949
185,861
106,355
-
0
420,165
Disposals
-
0
(221,703)
-
0
-
0
(221,703)
At 31 March 2024
203,535
1,113,514
293,652
74,387
1,685,088
Depreciation and impairment
At 1 April 2023
4,022
382,015
84,143
36,286
506,466
Depreciation charged in the year
8,684
288,898
43,709
13,709
355,000
Eliminated in respect of disposals
-
0
(185,477)
-
0
-
0
(185,477)
At 31 March 2024
12,706
485,436
127,852
49,995
675,989
Carrying amount
At 31 March 2024
190,829
628,078
165,800
24,392
1,009,099
At 31 March 2023
71,564
767,341
103,154
38,101
980,160
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,159,770
3,159,670
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
3,159,670
Additions
100
At 31 March 2024
3,159,770
Carrying amount
At 31 March 2024
3,159,770
At 31 March 2023
3,159,670
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hart & Wilcox Limited
United Kingdom
Ordinary Shares
100.00
HW Audio Visual Limited
United Kingdom
Ordinary Shares
100.00
Go Tenda Ltd
United Kingdom
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Hart & Wilcox Limited
3,589,906
2,117,062
HW Audio Visual Limited
135,194
60,520
Go Tenda Ltd
(228)
(328)
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
297,695
351,115
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,724,023
2,735,180
-
0
-
0
Amounts owed by group undertakings
-
-
80,900
1,938,393
Other debtors
5,754
7,628
-
0
253
Prepayments and accrued income
455,399
411,167
-
0
-
0
3,185,176
3,153,975
80,900
1,938,646
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
370,809
384,248
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
742,353
-
0
Corporation tax payable
864,490
516,875
99,358
486,021
Other taxation and social security
470,511
659,867
-
-
Other creditors
447,165
65,685
-
0
-
0
Accruals and deferred income
996,303
1,339,187
1,900
1,517
3,149,278
2,965,862
843,611
487,538
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
217,345
230,719
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
230,719
-
Credit to profit or loss
(13,374)
-
Liability at 31 March 2024
217,345
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
98,838
164,346

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
80
80
80
80
Ordinary B shares of £1 each
20
20
20
20
100
100
100
100
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
21
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Financial assets measured at amortised cost
2,729,777
2,742,808
-
-
Financial liabilities measured at amortised cost
1,814,277
1,789,120
1,900
1,517

Financial assets measured at amortised cost comprise of trade debtors and other debtors.

 

Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals and deferred income.

22
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
£
£
£
£
Within one year
223,177
241,385
-
-
Between two and five years
634,479
328,676
-
-
In over five years
443,782
-
-
-
1,301,438
570,061
-
-
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
807,364
788,331
Other information

In the ordinary course of business the company has traded with its subsidiaries. The group is exempt from disclosing details of these transactions as they are eliminated on consolidation.

 

At 31 March 2024 the company owed £742,253 (2023: £1,857,494 owed from) to Hart & Wilcox Limited.

 

At 31 March 2024 the company was owed £80,900 (2023: £80,900) from HW Audio Visual Limited.

 

At 31 March 2024 the company owed £100 (2023: £Nil) to Go Tenda Limited.

24
Controlling party

There is no ultimate controlling party. Experiential Ltd is the smallest and largest company that is consolidated. Copies of the consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,475,325
2,730,834
Adjustments for:
Taxation charged
851,131
695,970
Investment income
(30,192)
(4,167)
Loss on disposal of tangible fixed assets
32,226
2,148
Amortisation and impairment of intangible assets
7,225
-
Depreciation and impairment of tangible fixed assets
355,000
114,813
Movements in working capital:
Decrease/(increase) in stocks
53,420
(300,059)
Increase in debtors
(31,201)
(1,524,054)
(Decrease)/increase in creditors
(164,199)
931,279
Cash generated from operations
3,548,735
2,646,764
EXPERIENTIAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,470,859
(93,134)
2,377,725
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