Company registration number 13210053 (England and Wales)
FULFILMENTCROWD TOPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FULFILMENTCROWD TOPCO LIMITED
COMPANY INFORMATION
Directors
Mr L D Gregson
Mr L G Thompson
Mr M A McGrath
Mr S J Woods
Mr J Davies
Company number
13210053
Registered office
Fulfilmentcrowd Ltd
Western Avenue
Buckshaw Village
Chorley
PR7 7NB
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
FULFILMENTCROWD TOPCO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
FULFILMENTCROWD TOPCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the company was that of a holding company. The principal activity of the group continued to be that of providing fulfilment software technology services to omnichannel retailers.

Review of the business

The directors are pleased with the excellent trading and operational performance in the year as execution of its strategy has resulted in revenue growth, improved margin performance and cash generation.

This has been delivered against the backdrop of tough macro-economic trading conditions for omnichannel customers across our trading territories as consumer confidence was negatively impacted by inflationary demands and associated cost-of-living pressures.

Despite these challenges, the business was able to execute its new customer acquisition strategy that is focused on a premium value proposition. Equally, technological and operational processes have been continually enhanced to ensure we were able to manage volume growth from our existing customer base without impacting service levels. This was supported by the rollout of additional network partner sites in the UK and USA, which alongside our owned premises, creates a unique hybrid operating model and global warehouse footprint of over 1.5m sq ft.

Transaction volumes grew by +38% year-on-year with growth seen across all territories. The UK remains the principal trading entity with order volumes increasing by 44% in the year and recorded revenue of £13.7m (2023: £11.5m).

There has been significant progress growing the European business supported by increasing our capacity during 2022 further into Germany and France. Revenue in Europe increased to £3.3m (2023: £2.4m) on the back of new customer acquisitions and it remains a key focus for the Group moving forward.

Performance in the USA has been promising as we target UK brands expanding into the territory rather than a full outbound reach in the market itself. Additional capacity was secured late in calendar year 2023 and this has helped to support revenue performance in year of £0.4m (2023: £0.3m). The annualised impact of these new customer wins as well as customers onboarding early in the new financial year provide us with confidence in a further improved performance to come in USA. Revenue derived from our non UK entities continues to grow and now exceeds 20% of group revenue.

A commercially focused approach with our key suppliers and resulting pricing decisions has supported margin improvement performance in the year across the Group. Whilst we continue to invest in growth resources, particularly related to our technology platform, the impact of increased volume through our model alongside margin improvement has resulted in an EBITDA for the year of £1.7m (2023: £0.7m). Overall profitability of the group has improved year on year with the net loss before tax position as a result of goodwill amortisation and loan note interest.

Profitable operational growth has also delivered positive cash generation in year as the business closely monitors its working capital and cash investment decisions. The improved cash position and treasury management has enabled the business to take advantage of favourable interest rates to earn interest income on cash amounts held on deposit. This will be a continued focus of the business moving forward.

The business continues to maintain a strong balance sheet position and at 31 March 2024 had net assets of £12.8m (2023: £14.7m).

The company is committed to financially supporting research and development of its proprietary technology platform which controls a global network of fulfilment partner warehouses and enables customers to manage their products, stock levels, purchasing, sales orders and deliveries. The Software Development and Consulting teams lead on introduction of new products and features for key stakeholders. During the year, new best-in-class solutions have been launched, including the Service application which ensures consistent standards across the network and Delivery Assured, a consumer experience platform supporting timely responses and resolutions for complex parcel delivery queries.

FULFILMENTCROWD TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The board recognises the importance of ESG which is a key component of our growth strategy. The fulfilmentcrowd model not only supports customers’ expansion goals, it also enables them to do it in more sustainable ways. By adopting sharing economy principles, we harness existing, underutilised warehousing infrastructure and fuse this with our software technology to create a sustainable, profitable and high-performance operating environment. We are benchmarking our carbon footprint to provide a baseline for future improvement and present contextualised data to customers, supporting plans to reduce the impact of their activities.

The board are confident that the actions taken in the year have set the business up to execute its growth plan for the forthcoming year and are pleased with trading in the early part of the new financial year outperforming budget.

Principal risks and uncertainties

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As of the balance sheet date, the company has no significant concentration of credit risk. It is the company's policy to enter financial instruments with a diversity of credit worthy third parties, and as such the company does not expect to incur material losses.

 

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The liquidity risk is managed through regular monitoring and forecasting of cash generated from operations, rolling cash flow forecasts and review of actual and forecast overall cash levels.

 

Competition risk

Competition risk is the risk that the business may not perform as expected due to competitive pressures in the market in which it operates. There is a continued appetite for outsourced fulfilment which in turn has brought a number of competitors into the landscape offering their services. There is therefore a fragmented market with excess supply and price is therefore being driven down by competitors who are offering services at a loss to fill space. Whilst this is a challenge, the continued investment into the technology platform, creation of sufficient network capacity through the operating model, omnichannel functionality that we offer and ongoing focus on the level of customer support provided positions us well against our competitors to both retain existing customers and attract new.


Cyber security risk

Cyber security risk is the risk of exposure or loss resulting from a cyber-attack or data breach on the business. The business operates in a digital environment and recognises the importance that technology and cyber play in day-to-day operations. The company manages these risks by following best practice security procedures and reducing where possible the transmission of sensitive information. The company's IT security team continue to monitor ongoing compliance with data protection laws.

 

Foreign exchange risk

Foreign exchange risk is the risk of exposure or loss resulting from fluctuations in currency values. The business has grown its international presence where it now accounts for over 20% of group revenue. Natural hedging through the use of foreign currency accounts allows the business to match revenues and costs in local currencies, with available cash balances in these territories closely monitored to determine optimal timing for repatriation to the UK where applicable.

 

Geopolitical risk

The ongoing conflicts around the globe continue to impact on domestic affairs, in particular, on domestic fuel prices and inflation, although these have eased during the year. Whilst there is some impact on the business to an increased cost base for our owned warehouse space, the larger impact is perceived to be the level of consumer disposable income and the impact this may have on our customer base.

FULFILMENTCROWD TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Key performance indicators

The board review a number of KPIs continually through the year which form part of the monthly management accounts including:

A regular forecast process is in place with key assumptions updated to keep the board informed of expected full year out-turn. Variances to both budget, forecast and prior year are reviewed monthly.

In addition, there are a number of operational measures regularly reviewed such as inbound stock receipt and outbound dispatch timings to ensure we offer the very best service to our customers. Alongside this, measurement of our technology uptime is regularly reviewed given the critical importance of our proprietary platform in servicing the entire operation.

On behalf of the board

Mr L G Thompson
Director
24 September 2024
FULFILMENTCROWD TOPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Results and dividends

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

No ordinary dividends were paid. 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 L D Gregson
Mr L G Thompson
Mr M A McGrath
Mr S J Woods
Mr P B Hosker
(Resigned 23 May 2023)
Mr J Davies
(Appointed 1 January 2024)
Auditor

MHA were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

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.

FULFILMENTCROWD TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
On behalf of the board
Mr L G Thompson
Director
24 September 2024
FULFILMENTCROWD TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FULFILMENTCROWD TOPCO LIMITED
- 6 -
Opinion

We have audited the financial statements of Fulfilmentcrowd Topco Limited (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.

FULFILMENTCROWD TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FULFILMENTCROWD TOPCO LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the group and 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.

Matters on which we are required to report by exception

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

FULFILMENTCROWD TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FULFILMENTCROWD TOPCO LIMITED
- 8 -

 

 

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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.

Lee Van Houplines FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
24 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
FULFILMENTCROWD TOPCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
17,395,871
14,183,411
Cost of sales
(14,338,352)
(12,154,046)
Gross profit
3,057,519
2,029,365
Administrative expenses
(4,114,508)
(4,015,584)
Other operating income
14,172
26,081
Operating loss
4
(1,042,817)
(1,960,138)
Interest receivable and similar income
10,201
28
Interest payable and similar expenses
7
(535,385)
(477,504)
Loss before taxation
(1,568,001)
(2,437,614)
Tax on loss
8
(313,193)
182,197
Loss for the financial year
(1,881,194)
(2,255,417)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive loss for the year is all attributable to the owners of the parent company.
FULFILMENTCROWD TOPCO LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
13,304,502
15,228,763
Other intangible assets
9
1,368,252
1,066,288
Total intangible assets
14,672,754
16,295,051
Tangible assets
10
3,340,103
3,401,923
18,012,857
19,696,974
Current assets
Stocks
13
39,039
36,551
Debtors
14
1,278,679
1,360,399
Cash at bank and in hand
2,308,777
1,734,845
3,626,495
3,131,795
Creditors: amounts falling due within one year
15
(3,174,749)
(2,502,233)
Net current assets
451,746
629,562
Total assets less current liabilities
18,464,603
20,326,536
Creditors: amounts falling due after more than one year
16
(5,468,280)
(5,564,728)
Provisions for liabilities
Deferred tax liability
19
208,469
92,660
(208,469)
(92,660)
Net assets
12,787,854
14,669,148
Capital and reserves
Called up share capital
20
9,900
10,000
Share premium account
21
18,460,748
18,460,748
Revaluation reserve
488,250
488,250
Profit and loss reserves
(6,171,044)
(4,289,850)
Total equity
12,787,854
14,669,148

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

FULFILMENTCROWD TOPCO LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr L G Thompson
Director
Company registration number 13210053 (England and Wales)
FULFILMENTCROWD TOPCO LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
23,028,227
23,028,227
Current assets
Debtors
14
19,669
19,087
Creditors: amounts falling due within one year
15
(1,537,961)
(1,059,974)
Net current liabilities
(1,518,292)
(1,040,887)
Total assets less current liabilities
21,509,935
21,987,340
Creditors: amounts falling due after more than one year
16
(4,000,000)
(4,000,000)
Net assets
17,509,935
17,987,340
Capital and reserves
Called up share capital
20
9,900
10,000
Share premium account
21
18,460,748
18,460,748
Profit and loss reserves
(960,713)
(483,408)
Total equity
17,509,935
17,987,340

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £477,305 (2023 - £465,707 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr L G Thompson
Director
Company registration number 13210053 (England and Wales)
FULFILMENTCROWD TOPCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
10,000
18,460,748
488,250
(2,034,433)
16,924,565
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(2,255,417)
(2,255,417)
Balance at 31 March 2023
10,000
18,460,748
488,250
(4,289,850)
14,669,148
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(1,881,194)
(1,881,194)
Reduction of shares
20
(100)
-
-
-
(100)
Balance at 31 March 2024
9,900
18,460,748
488,250
(6,171,044)
12,787,854
FULFILMENTCROWD TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,000
18,460,748
(17,701)
18,453,047
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(465,707)
(465,707)
Balance at 31 March 2023
10,000
18,460,748
(483,408)
17,987,340
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(477,305)
(477,305)
Reduction of shares
20
(100)
-
-
(100)
Balance at 31 March 2024
9,900
18,460,748
(960,713)
17,509,935
FULFILMENTCROWD TOPCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,077,995
619,755
Interest paid
(535,385)
(477,504)
Income taxes refunded
64,575
171,530
Net cash inflow from operating activities
1,607,185
313,781
Investing activities
Purchase of intangible assets
(908,103)
(775,641)
Purchase of tangible fixed assets
(23,133)
(50,355)
Proceeds from disposal of tangible fixed assets
-
611
Interest received
10,201
28
Net cash used in investing activities
(921,035)
(825,357)
Financing activities
Redemption of shares
(100)
-
0
Proceeds from new bank loans
-
1,750,000
Repayment of bank loans
(103,912)
(553,622)
Payment of finance leases obligations
(8,206)
(7,576)
Net cash (used in)/generated from financing activities
(112,218)
1,188,802
Net increase in cash and cash equivalents
573,932
677,226
Cash and cash equivalents at beginning of year
1,734,845
1,057,619
Cash and cash equivalents at end of year
2,308,777
1,734,845
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

Fulfilmentcrowd Topco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fulfilmentcrowd Ltd, Western Avenue, Buckshaw Village, Chorley, PR7 7NB.

 

The group consists of Fulfilmentcrowd Topco Limited and all of its subsidiaries.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

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

 

1.2
Basis of consolidation

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

 

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

 

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

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

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

1.3
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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment loss.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual value over their useful lives on the following basis:

Software
33% 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
Not depreciated
Plant and machinery
10-33% 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.

In accordance with the provisions of FRS102, the individual long leasehold property is revalued as required on a regular basis by a qualified valuer and the company reviews the carrying value of the property at each period end to ensure that it is not materially different from its fair value. A provision is made for any impairment to the value of the long leasehold property during the year and accordingly it is not depreciated.

FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.8
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.

1.9
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.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

1.11
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.

FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.12
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.

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.

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.

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

Derecognition of financial liabilities

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

1.13
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.

1.14
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.

1.15
Retirement benefits

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

FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.16
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.

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.

Critical judgements

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

Amortisation of goodwill

Goodwill is being amortised over its estimated economic life of 10 years. The estimate is considered reasonable by the directors, but will be monitored annually to ensure it remains appropriate.

Capitalisation and amortisation of software development costs

Software development costs are capitalised based on the time spent by staff on development projects. The costs are amortised over the useful economic lives of 3 years.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,678,183
11,466,055
Europe
3,294,535
2,374,264
United States of America
423,153
343,092
17,395,871
14,183,411
2024
2023
£
£
Other revenue
Interest income
10,201
28
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
84,953
83,719
Amortisation of intangible assets
2,530,400
2,448,032
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 company's subsidiaries
23,500
22,567
23,500
22,567
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
75
76
-
-
29
33
-
-
Total
104
109
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,177,507
3,030,740
-
0
-
0
Social security costs
391,518
354,629
-
-
Pension costs
201,625
180,281
-
0
-
0
3,770,650
3,565,650
-
0
-
0
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
534,178
476,550
Interest on finance leases and hire purchase contracts
1,207
954
Total finance costs
535,385
477,504
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
649
(195,323)
Adjustments in respect of prior periods
196,735
(77,334)
Total current tax
197,384
(272,657)
Deferred tax
Origination and reversal of timing differences
182,301
90,460
Adjustment in respect of prior periods
(66,492)
-
0
Total deferred tax
115,809
90,460
Total tax charge/(credit)
313,193
(182,197)

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

2024
2023
£
£
Loss before taxation
(1,568,001)
(2,437,614)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(392,000)
(463,147)
Tax effect of expenses that are not deductible in determining taxable profit
1,067
3,391
Adjustments in respect of prior years
130,243
13,127
Effect of change in corporation tax rate
-
5,312
Group relief
(17,016)
-
0
Amortisation on assets not qualifying for tax allowances
481,065
441,556
Research and development tax credit
-
0
(149,867)
Capitalised expenses allowable for tax
-
0
(111,214)
Superdeductions
-
0
(2,190)
Losses not provided
109,834
80,835
Taxation charge/(credit)
313,193
(182,197)
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
9
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
19,251,259
2,038,079
21,289,338
Additions - internally developed
-
0
908,103
908,103
At 31 March 2024
19,251,259
2,946,182
22,197,441
Amortisation and impairment
At 1 April 2023
4,022,496
971,791
4,994,287
Amortisation charged for the year
1,924,261
606,139
2,530,400
At 31 March 2024
5,946,757
1,577,930
7,524,687
Carrying amount
At 31 March 2024
13,304,502
1,368,252
14,672,754
At 31 March 2023
15,228,763
1,066,288
16,295,051
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
3,110,380
721,974
3,832,354
Additions
-
0
23,133
23,133
At 31 March 2024
3,110,380
745,107
3,855,487
Depreciation and impairment
At 1 April 2023
-
0
430,431
430,431
Depreciation charged in the year
-
0
84,953
84,953
At 31 March 2024
-
0
515,384
515,384
Carrying amount
At 31 March 2024
3,110,380
229,723
3,340,103
At 31 March 2023
3,110,380
291,543
3,401,923
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
23,028,227
23,028,227
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
23,028,227
Carrying amount
At 31 March 2024
23,028,227
At 31 March 2023
23,028,227
12
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
Indirect
Fulfilmentcrowd Holdings Limited
UK
Ordinary
100.00
-
Fulfilmentcrowd Ltd
UK
Ordinary
-
100.00
Fulfilmentcrwod GmbH
Germany
Ordinary
-
100.00
Fulfilmentcrowd Inc
U.S.
Ordinary
-
100.00
Fulfilmentcrowd SAS
France
Ordinary
-
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
39,039
36,551
-
0
-
0
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
607,510
498,367
-
0
-
0
Corporation tax recoverable
-
0
261,959
-
0
-
0
Other debtors
98,692
161,112
19,669
19,087
Prepayments and accrued income
572,477
438,961
-
0
-
0
1,278,679
1,360,399
19,669
19,087
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
110,477
118,572
-
0
-
0
Obligations under finance leases
18
-
0
7,575
-
0
-
0
Trade creditors
1,297,170
1,018,058
19,669
19,096
Amounts owed to group undertakings
-
0
-
0
1,353,561
758,109
Other taxation and social security
434,467
358,245
-
-
Other creditors
204,420
320,929
164,731
282,769
Accruals and deferred income
1,128,215
678,854
-
0
-
0
3,174,749
2,502,233
1,537,961
1,059,974
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
17
4,000,000
4,000,000
4,000,000
4,000,000
Bank loans and overdrafts
17
1,468,280
1,564,097
-
0
-
0
Obligations under finance leases
18
-
0
631
-
0
-
0
5,468,280
5,564,728
4,000,000
4,000,000
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
4,000,000
4,000,000
4,000,000
4,000,000
Bank loans
1,578,757
1,682,669
-
0
-
0
5,578,757
5,682,669
4,000,000
4,000,000
Payable within one year
110,477
118,572
-
0
-
0
Payable after one year
5,468,280
5,564,097
4,000,000
4,000,000
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
7,575
-
0
-
0
In two to five years
-
0
631
-
0
-
0
-
8,206
-
-

 

19
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
393,054
66,354
Tax losses
(277,560)
(66,668)
Revaluations
92,975
92,974
208,469
92,660
The company has no deferred tax assets or liabilities.
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
92,660
-
Charge to profit or loss
115,809
-
Liability at 31 March 2024
208,469
-
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
3,129
3,129
3,129
3,129
B Ordinary of £1 each
21
21
21
21
C Ordinary of £1 each
4,450
4,450
4,450
4,450
D Ordinary of £1 each
1,400
1,400
1,400
1,400
E Ordinary of £1 each
900
1,000
900
1,000
9,900
10,000
9,900
10,000
21
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
18,460,748
18,460,748
18,460,748
18,460,748
FULFILMENTCROWD TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
22
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,881,194)
(2,255,417)
Adjustments for:
Taxation charged/(credited)
313,193
(182,197)
Finance costs
535,385
477,504
Investment income
(10,201)
(28)
Amortisation and impairment of intangible assets
2,530,400
2,448,032
Depreciation and impairment of tangible fixed assets
84,953
83,719
Movements in working capital:
(Increase)/decrease in stocks
(2,488)
28,581
Increase in debtors
(180,239)
(181,901)
Increase in creditors
688,186
201,462
Cash generated from operations
2,077,995
619,755
23
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,734,845
573,932
2,308,777
Borrowings excluding overdrafts
(5,682,669)
103,912
(5,578,757)
Obligations under finance leases
(8,206)
8,206
-
(3,956,030)
686,050
(3,269,980)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr J DaviesMr L D GregsonMr L G ThompsonMr M A McgrathMr P A TaylorMr S J WoodsMr S LiveseyMr S B Cumminsfalsefalse13210053bus:Consolidated2023-04-012024-03-31132100532023-04-012024-03-3113210053bus:RegisteredOffice2023-04-012024-03-3113210053bus:Director32023-04-012024-03-31132100532024-03-3113210053bus:Consolidated2024-03-3113210053bus:Consolidated2022-04-012023-03-31132100532022-04-012023-03-3113210053core:Goodwillbus:Consolidated2024-03-3113210053core:Goodwillbus:Consolidated2023-03-3113210053core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-3113210053core:OtherResidualIntangibleAssetsbus:Consolidated2023-03-3113210053core:ComputerSoftwarebus:Consolidated2024-03-3113210053core:ComputerSoftwarebus:Consolidated2023-03-3113210053bus:Consolidated2023-03-3113210053core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3113210053core:PlantMachinerybus:Consolidated2024-03-3113210053core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3113210053core:PlantMachinerybus:Consolidated2023-03-3113210053core:ShareCapitalbus:Consolidated2024-03-3113210053core:ShareCapitalbus:Consolidated2023-03-3113210053core:SharePremiumbus:Consolidated2024-03-3113210053core:SharePremiumbus:Consolidated2023-03-3113210053core:RevaluationReservebus:Consolidated2024-03-3113210053core:RevaluationReservebus:Consolidated2023-03-3113210053core:ShareCapital2024-03-3113210053core:ShareCapital2023-03-3113210053core:SharePremium2024-03-3113210053core:SharePremium2023-03-3113210053core:RetainedEarningsAccumulatedLosses2024-03-3113210053core:ShareCapitalbus:Consolidated2022-03-3113210053core:SharePremiumbus:Consolidated2022-03-31132100532022-03-3113210053core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3113210053core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3113210053core:ShareCapital2022-03-3113210053core:SharePremium2022-03-3113210053core:RetainedEarningsAccumulatedLosses2022-03-3113210053core:RetainedEarningsAccumulatedLosses2023-03-31132100532023-03-3113210053bus:Consolidated2022-03-3113210053core:Goodwill2023-04-012024-03-3113210053core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3113210053core:ComputerSoftware2023-04-012024-03-3113210053core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3113210053core:PlantMachinery2023-04-012024-03-3113210053core:UKTaxbus:Consolidated2023-04-012024-03-3113210053core:UKTaxbus:Consolidated2022-04-012023-03-3113210053bus:Consolidated12023-04-012024-03-3113210053bus:Consolidated12022-04-012023-03-3113210053bus:Consolidated22023-04-012024-03-3113210053bus:Consolidated22022-04-012023-03-3113210053bus:Consolidated32023-04-012024-03-3113210053bus:Consolidated32022-04-012023-03-3113210053bus:Consolidated42023-04-012024-03-3113210053bus:Consolidated42022-04-012023-03-3113210053core:Goodwillbus:Consolidated2023-03-3113210053core:ComputerSoftwarebus:Consolidated2023-03-3113210053bus:Consolidated2023-03-3113210053core:Goodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3113210053core:ComputerSoftwarecore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3113210053core:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-3113210053core:Goodwillbus:Consolidated2023-04-012024-03-3113210053core:ComputerSoftwarebus:Consolidated2023-04-012024-03-3113210053core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3113210053core:PlantMachinerybus:Consolidated2023-03-3113210053core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3113210053core:PlantMachinerybus:Consolidated2023-04-012024-03-3113210053core:CurrentFinancialInstruments2024-03-3113210053core:CurrentFinancialInstruments2023-03-3113210053core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3113210053core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3113210053core:WithinOneYearbus:Consolidated2024-03-3113210053core:WithinOneYearbus:Consolidated2023-03-3113210053core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113210053core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113210053core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3113210053core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3113210053core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113210053core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113210053core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3113210053core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3113210053core:Non-currentFinancialInstruments2024-03-3113210053core:Non-currentFinancialInstruments2023-03-3113210053core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3113210053core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3113210053core:WithinOneYear2024-03-3113210053core:WithinOneYear2023-03-3113210053core:BetweenTwoFiveYearsbus:Consolidated2024-03-3113210053core:BetweenTwoFiveYearsbus:Consolidated2023-03-3113210053core:BetweenTwoFiveYears2024-03-3113210053core:BetweenTwoFiveYears2023-03-3113210053bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113210053bus:FRS1022023-04-012024-03-3113210053bus:Audited2023-04-012024-03-3113210053bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3113210053bus:Director12023-04-012024-03-3113210053bus:Director22023-04-012024-03-3113210053bus:Director42023-04-012024-03-3113210053bus:Director52023-04-012024-03-3113210053bus:Director62023-04-012024-03-3113210053bus:Director72023-04-012024-03-3113210053bus:Director82023-04-012024-03-3113210053bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP