Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalse1392023-04-01falseNo description of principal activity40true 11156085 2023-04-01 2024-03-31 11156085 2022-04-01 2023-03-31 11156085 2024-03-31 11156085 2023-03-31 11156085 2022-04-01 11156085 1 2023-04-01 2024-03-31 11156085 d:Director3 2023-04-01 2024-03-31 11156085 c:PlantMachinery 2023-04-01 2024-03-31 11156085 c:PlantMachinery 2024-03-31 11156085 c:PlantMachinery 2023-03-31 11156085 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:FurnitureFittings 2023-04-01 2024-03-31 11156085 c:FurnitureFittings 2024-03-31 11156085 c:FurnitureFittings 2023-03-31 11156085 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:OfficeEquipment 2023-04-01 2024-03-31 11156085 c:OfficeEquipment 2024-03-31 11156085 c:OfficeEquipment 2023-03-31 11156085 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:ComputerEquipment 2023-04-01 2024-03-31 11156085 c:ComputerEquipment 2024-03-31 11156085 c:ComputerEquipment 2023-03-31 11156085 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 11156085 c:OtherPropertyPlantEquipment 2024-03-31 11156085 c:OtherPropertyPlantEquipment 2023-03-31 11156085 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11156085 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 11156085 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 11156085 c:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 11156085 c:CurrentFinancialInstruments 2024-03-31 11156085 c:CurrentFinancialInstruments 2023-03-31 11156085 c:Non-currentFinancialInstruments 2024-03-31 11156085 c:Non-currentFinancialInstruments 2023-03-31 11156085 c:Non-currentFinancialInstruments 1 2024-03-31 11156085 c:Non-currentFinancialInstruments 1 2023-03-31 11156085 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 11156085 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11156085 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 11156085 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 11156085 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 11156085 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 11156085 c:ShareCapital 2023-04-01 2024-03-31 11156085 c:ShareCapital 2024-03-31 11156085 c:ShareCapital 2022-04-01 2023-03-31 11156085 c:ShareCapital 2023-03-31 11156085 c:ShareCapital 2022-04-01 11156085 c:SharePremium 2023-04-01 2024-03-31 11156085 c:SharePremium 2024-03-31 11156085 c:SharePremium 2022-04-01 2023-03-31 11156085 c:SharePremium 2023-03-31 11156085 c:SharePremium 2022-04-01 11156085 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11156085 c:RetainedEarningsAccumulatedLosses 2024-03-31 11156085 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11156085 c:RetainedEarningsAccumulatedLosses 2023-03-31 11156085 c:RetainedEarningsAccumulatedLosses 2022-04-01 11156085 d:OrdinaryShareClass1 2023-04-01 2024-03-31 11156085 d:OrdinaryShareClass1 2024-03-31 11156085 d:OrdinaryShareClass1 2023-03-31 11156085 d:PreferenceShareClass1 2023-04-01 2024-03-31 11156085 d:PreferenceShareClass1 2024-03-31 11156085 d:PreferenceShareClass1 2023-03-31 11156085 d:FRS102 2023-04-01 2024-03-31 11156085 d:Audited 2023-04-01 2024-03-31 11156085 d:FullAccounts 2023-04-01 2024-03-31 11156085 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11156085 c:WithinOneYear 2024-03-31 11156085 c:WithinOneYear 2023-03-31 11156085 c:BetweenOneFiveYears 2024-03-31 11156085 c:BetweenOneFiveYears 2023-03-31 11156085 c:MoreThanFiveYears 2024-03-31 11156085 c:MoreThanFiveYears 2023-03-31 11156085 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11156085 4 2023-04-01 2024-03-31 11156085 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-04-01 2024-03-31 11156085 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11156085









FIBRE ASSETS LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FIBRE ASSETS LIMITED
REGISTERED NUMBER: 11156085

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
14,366
21,548

Tangible assets
 6 
36,552,279
8,376,061

  
36,566,645
8,397,609

Current assets
  

Stocks
 7 
548,202
81,583

Debtors: amounts falling due within one year
 8 
3,104,478
1,212,979

Cash at bank and in hand
  
3,264,311
6,444,235

  
6,916,991
7,738,797

Creditors: amounts falling due within one year
 9 
(4,657,864)
(1,749,251)

Net current assets
  
 
 
2,259,127
 
 
5,989,546

Total assets less current liabilities
  
38,825,772
14,387,155

Creditors: amounts falling due after more than one year
 10 
(57,064,913)
(20,378,931)

  

Net liabilities
  
(18,239,141)
(5,991,776)


Capital and reserves
  

Called up share capital 
 12 
1,387
1,387

Share premium account
  
139,600
139,600

Profit and loss account
  
(18,380,128)
(6,132,763)

  
(18,239,141)
(5,991,776)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.


Stefan Stanislawski
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 1

 
FIBRE ASSETS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1,387
139,600
(946,436)
(805,449)


Comprehensive income for the year

Loss for the year
-
-
(5,186,327)
(5,186,327)
Total comprehensive income for the year
-
-
(5,186,327)
(5,186,327)



At 1 April 2023
1,387
139,600
(6,132,763)
(5,991,776)


Comprehensive income for the year

Loss for the year
-
-
(12,247,365)
(12,247,365)
Total comprehensive income for the year
-
-
(12,247,365)
(12,247,365)


At 31 March 2024
1,387
139,600
(18,380,128)
(18,239,141)


The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fibre Assets Limited is a private company, limited by shares and incorporated in the England & Wales. The Company's registration number is 11156085. The Company's registered office address is 13 Southwick Mews, London, Greater London, England, W2 1JG. These financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company holds an agreement with investors to provide loan funding up to a prescribed amount. The cash flow projections show that this additional investment will support the Company for the next 12 months.
The negative equity position on the balance sheet reflects the on-going development of the business and the capital-intensive nature of the industry. As we move forward, the Directors anticipate a reversal of this situation through a combination of increased revenues and prudent cost management.
During the financial year, the Company continued its Full Fibre build in selected parts in the UK and gradually accelerated its rollout plans via operational efficiencies and increases in resources. The growth in the customer base has continued who are enjoying the high-quality fibre broadband service. The management team has demonstrated its commitment to fiscal responsibility and adaptability by implementing cost-saving measures without compromising the quality of service. The Company was awarded two UK government BDUK contracts to design and deliver fibre broadband services in selected areas of Staffordshire and Derbyshire. Furthermore, the Company is actively exploring partnerships and collaborations that will help optimise operational efficiencies and expand market reach.
The Company anticipates that losses will continue at a similar level for the upcoming year, before decreasing and ultimately reaching a breakeven point the following year. Ongoing support has been secured to maintain operations and strategically navigate the competitive landscape in the UK.
The Directors believe that these strategies, along with the Company's financial resources and operational performance, will enable the Company to continue as a going concern for the foreseeable future.
The Directors have reviewed the Company's cash flow projections for the next 12 months and beyond and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future.

Page 3

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intangible fixed assets
-
5
years

Page 5

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years
Fibre network
-
5 to 40 years
Computer equipment
-
3 years
Other fixed assets
-
3 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Assets under construction are not depreciated.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 7

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.
The nature of estimation means that the actual outcome could differ from those 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.
The critical accounting estimates or judgments applied by the directors which have a significant impact on the amounts disclosed in the financial statements are as follows:
Depreciation
Management have estimated the useful economic life of fixed assets and depreciation has in turn been calculated on this basis.
Capitalisation of labour
Management have estimated salary costs relating to the build of Fibre Networks, the assessment considers employees individually, based on their job role, and the percentage of time spent on building such assets.
Capitalisation of interest
Management have estimated capitalised loan interest, using the year end percentage of total net book value of fixed assets over loans and preference shares due.
Impairment of fixed assets
Management have made an assessment as to the carrying value of total fixed assets to ensure there are no indications of impairment.


4.


Employees

The average monthly number of employees, including directors, during the year was 139 (2023 - 40).

Page 8

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Intangible assets




Total

£



Cost


At 1 April 2023
35,912



At 31 March 2024

35,912



Amortisation


At 1 April 2023
14,364


Charge for the year
7,182



At 31 March 2024

21,546



Net book value



At 31 March 2024
14,366



At 31 March 2023
21,548



Page 9

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Assets under construction
Fibre Network
Plant and machinery
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 April 2023
3,241,755
4,988,072
226,618
67,246
51,606


Additions
10,294,434
18,197,652
252,481
136,491
100,455


Transfers between classes
(3,241,755)
3,241,755
-
-
-



At 31 March 2024

10,294,434
26,427,479
479,099
203,737
152,061



Depreciation


At 1 April 2023
-
146,880
32,809
9,727
9,820


Charge for the year
-
692,334
59,276
26,264
27,421



At 31 March 2024

-
839,214
92,085
35,991
37,241



Net book value



At 31 March 2024
10,294,434
25,588,265
387,014
167,746
114,820



At 31 March 2023
3,241,755
4,841,192
193,809
57,519
41,786

Total

£



Cost or valuation


At 1 April 2023
8,575,297


Additions
28,981,513


Transfers between classes
-



At 31 March 2024

37,556,810



Depreciation


At 1 April 2023
199,236


Charge for the year
805,295



At 31 March 2024

1,004,531



Net book value



At 31 March 2024
36,552,279



At 31 March 2023
8,376,061
Page 10

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
548,202
81,583

548,202
81,583



8.


Debtors

2024
2023
£
£


Trade debtors
33,524
2,760

Other debtors
2,766,702
1,010,140

Prepayments and accrued income
304,252
200,079

3,104,478
1,212,979



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,011,621
1,321,636

Amounts owed to group undertakings
7,309
7,309

Taxation and social security
333,393
141,903

Other creditors
25,901
20,756

Accruals and deferred income
279,640
257,647

4,657,864
1,749,251


The credit card balance, included in other creditors, is secured by way of fixed charge over the bank accounts.
Amounts owed to group undertakings are unsecured, interest free, with no fixed date of repayment.

Page 11

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
15,992,604
15,992,604

Accrued interest on other loans
2,634,703
899,059

Accrued interest on share capital treated as debt
2,150,338
-

Share capital treated as debt
36,287,268
3,487,268

57,064,913
20,378,931


Other loans are secured by way of fixed and floating charge over all the property or undertakings of the Company.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Other loans more than one year
18,627,307
16,891,663



12.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



1,387 (2023 - 1,387) Ordinary shares of £1.00 each
1,387
1,387

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



36,287,268 (2023 - 3,487,268) Preference shares of £1.00 each
36,287,268
3,487,268


During the year, 32,800,000 of perference shares were issued at a £1.00 each.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost and charge represents contributions payable by the Company to the fund and amounted to £282,124 (2023: £79,975). At 31 March 2024, £61,656 (2023: £41,620) was due to the fund and is included in creditors.

Page 12

 
FIBRE ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
78,920
35,450

Later than 1 year and not later than 5 years
114,270
83,730

Later than 5 years
-
1,940

193,190
121,120


15.


Post balance sheet events

On 15 April 2024, the Company issued 3,112,642 preference shares at nominal value of £1 per share.
Post year end, the Company drew down a total of £18,200,000 on a loan facility from its parent entity and entered into an operating lease commitment in relation to premises, the total lease instalments being £360,000.


16.


Controlling party

The immediate parent undertaking is Fibre Assets Holdco Limited. The registered office is C/O Foresight Group, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG. This is the smallest group within which the Company belongs.
The ultimate parent undertaking is Averon Park Limited. The registered office is C/O Foresight Group Llp, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG. This is the largest group within which the Company belongs.
Accordingly, the preparation of group financial statements is not required under section 401 of the Companies Act 2006.  These financial statements present information about the company as an individual undertaking.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 4 November 2024 by Aaron Widdows ACA FCCA (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 13