Company registration number 05752912 (England and Wales)
ORYX ALIGN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ORYX ALIGN LIMITED
COMPANY INFORMATION
Directors
Mr Carl Henriksen
Mr Alistair Fawcett
Mr Justin Rutherford
Mr Godfrey McFall
Dr Geoffery Robins
Ms Andreia Maia
(Appointed 1 April 2024)
Company number
05752912
Registered office
Ground Floor
Bury House
31 Bury Street
London
EC3A 5AR
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
ORYX ALIGN LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 9
Independent auditor's report
10 - 13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17 - 18
Group statement of changes in equity
19
Company statement of changes in equity
20
Group statement of cash flows
21
Company statement of cash flows
22
Notes to the financial statements
23 - 45
ORYX ALIGN 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

OryxAlign is a mature, well-established, Managed IT Services Provider (MSP), whose principal purpose is to plan, design and enable the procurement, implementation, protection, and ongoing management of a wide range of modern technologies, through an earned and trusted partnership with its clients. The Company’s client base lies principally in the mid-market space across several sectors in the UK and across the European mainland.

OryxAlign’s services and technical competencies fall into the following categories:

1. Enterprise Networking

2. Managed Cloud and Digital Transformation

3. Managed Cyber Security

4. Professional Services and Consulting

 

OryxAlign’s enduring vision is:

“To be a successful, sustainable, market-leading MSP, recognised for our brand, our vibrant culture and our service excellence”.

 

Business Review

 

Financial Performance

The Company crossed the start line into FY2023-24 with a robust Balance Sheet, debt free, and with a very healthy pipeline of prestigious opportunities across several markets.

Confidence across the business was high and market demand for all our services was buoyant. The OryxAlign brand was strong, and we had a well-established and enduring presence in the Data Centre (DC), Commercial Property and Construction sectors.

There was considerable optimism across all Teams and Departments that we had a good chance of achieving the challenging financial goals we had set for the year ahead, providing we could retain our strategic clients whose contracts were up for renewal in H1.

Although our Professional Services business had a challenging and somewhat lumpy H1, we delivered very successfully on these expectations, continuing a year-on-year trend of achieving healthy, profitable, compound organic growth. This was a testament to the careful planning and execution of the annual Business Plan launched at the start of the financial year.

1. Revenues increased to £17.5m (2022-23: £15.1m), accompanied by a healthy increase in Gross Profit to £7.07m (2022-23: £5.8m).

2. Recurring revenues have also increased by 11% to £9.2m (2022-23: £8.2m).

3. EBITDA delivered £1.53m (9%), a notable and welcome percentage increase from the previous year (2022-23: 7% EBITDA).

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Collectively, the many improvements in operational efficiencies introduced by the Board through the year to improve 5 key areas: a) Sales performance; b) Service Delivery; c) Management Information; d) Profitability; and e) Retention, had been successful. And they were fundamental to improving our overall financial health.

This outcome was most reassuring to Shareholders and further evidence that our adopted business strategy was on the right course.

Cash flow has remained healthy throughout the year. The Balance Sheet has also remained strong, with Shareholders’ funds of £4.2m at year end.

Headcount at the year end date increased from 100 to 108, including contractors. An uplift in line with the Board’s expectations.

In summary, the Board is very pleased with the way in which the Company has performed over the course of the year in pursuit of our financial and corporate objectives. The Directors are comfortable that Shareholders’ expectations for the year have been realised, and that the Company is on a very sound financial footing to prosper and scale in FY2024-25.

Financial Key Performance Indicators

Description

2023-24

2022-23

Revenue

£17.5m

£15.1m

Gross Profit

£7.07m

£5.9m

Gross Profit %

40%

39%

Recurring Revenue

£9.2m

£8.2m

Recurring Revenue %

52%

54%

EBITDA (adjusted)

£1.7m

£1.2m

 

Investment Strategy

Our headline investment strategy for FY2023-24 was to ensure that:

1. We protected our existing market share.

2. We positioned the business correctly to support our growth ambitions.

3. We pursued new business effectively, ensuring value for money and measurable ROI.

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Specifically, we invested in:

  1. People

Under the auspices of Project Pinnacle, we:

  1. Firmly embedded our new Performance Appraisal regime across the entire workforce, including the introduction of Personal Development Plans (PDPs) which was widely welcomed.

  2. Introduced a new Grading and Banding structure, linked to remuneration, for the many technical and non-technical roles across the Company. This brought further organisational clarity to the business and allowed for a smoother transition between roles as employees’ careers progress.

  3. Laid the groundwork for all employees to have well defined Career Pathways identified, discussed and agreed. This will require more work next year and is high on the Board’s list of priorities.

  4. We researched, qualified, selected and embedded a new enterprise HR platform (Cezanne) to allow us to scale up confidently into the mid-market space from a people management and performance perspective. This was a significant and necessary investment in time and money. The Board is confident it will deliver notable improvements and efficiencies in the way in which all employees’ interests, affairs and careers are now managed.

  5. We relocated our Service Desk operation to new, much better-appointed offices in central Manchester, which was very successful and welcomed by all.

All these foregoing improvements have combined to improve notably our Employee Value Proposition (EVP) over the course of the year. This was one of the Board’s principal objectives.

2. Service Excellence

We invested in new, senior leadership in our Managed Services Division in H2, which has yielded some immediate improvements in the consistency and quality of our service delivery, and in our ITIL Service Management capability.

We continue to embed a ‘Level 4 Service Excellence culture’ across the business. Whilst we have made steady progress with this initiative, more training will be required in FY2024-25 to achieve the progress and the milestones the Board wants in this area.

3. Knowledge Management

Significant progress was made, especially through the course of H2, with improvements to our knowledge management regime. Specifically, Information Dashboards were planned, designed and introduced successfully for:

a) revenue streams

b) client profitability and

c) pipeline forecasting.

 

Together, these now provided the Board and the Senior Leadership Team (SLT) with more dynamic, accurate and timely management information to support decisions at all levels of the Company. And it has also helped to inform our longer-term resourcing plans for the year ahead. We will continue to build on this success through next year and ensure wide adoption of these most useful dashboards across the business.

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Business Model

The OryxAlign business model continues to focus on three core elements which shape day-to-day operations of the Company:

1. Delivering Service Excellence, consistently.

2. Maintaining Client Intimacy to ensure we understand what is wanted and needed; and

3. Ensuring Operational Efficiency in the drumbeat of our services.

 

The Board’s priority has been and remains to deliver enduring Service Excellence to our clients, which is reflected in the Company’s SLA resolution (92%) and client happiness (94%) scores. The Board was reassured by these statistics at year end, not least because they demonstrated a consistency in our service delivery, and a resilience across the business to weather successfully challenging market conditions.

The Directors continue to place significant emphasis on this mission critical component of service, and they view it as central to Oryx Align’s ongoing success.

Alongside these three core elements, there were four themes the Company embraced to help drive performance and shape employee behaviours in 2023-24:

1. Prioritise

2. Own

3. Perform

4. Embed

 

We have become more adept across the business in 2023 at prioritising our work streams, and taking greater personal ownership of day-to-day matters, especially when issues arise unexpectedly. Individual performance has consequently improved as processes have become more embedded in routine operations.

 

Capabilities

OryxAlign’s portfolio of capabilities was steadily strengthened over the course of the year to maintain our competitive advantage and in response to evolving market conditions.

  1. Cyber. We continued to strengthen our portfolio of managed cyber security services, keeping a watchful eye on new and emerging technologies which may have the potential to be market disruptors. Ensuring the protection of our clients’ environments, and the protection of our own infrastructure, remains the Board’s top priority.

  2. PowerBI. We have successfully embraced PowerBI to deliver a suite of enhanced reporting capabilities.

  3. Artificial Intelligence (AI). We have assessed the impact of AI on the MSP sector and put in place plans to help us, and our clients understand the challenges that lie ahead, including not least, the introduction of ‘Microsoft Copilot’.

  4. Extended Detection and Response (XDR) and Experience Level Agreements (XLA). We continued to strengthen and firmly position these components of capability throughout the year. This effort will endure through 2025 to help protect our competitive advantage.

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

Geography

 

The Directors do not envisage any changes to the Company’s current deployment in central London (Main Office), Manchester (Service Desk) and Manila (NOC) over the next year. There is an ambition to establish an operational presence in South Africa in FY2024-25.

 

Environmental, Social and Governance (ESG)

 

OryxAlign recognises its actions as a business have an impact on the world we live in. A strong ESG strategy commits the Company to look ahead and question how to best ensure a sustainable future for future generations.

Oryx Align’s ESG strategy demonstrates commitment to its workforce, not only regarding fair renumeration, but also ensuring the workplace is inclusive. Attracting new, like-minded talent builds loyalty and a shared ESG responsibility ensures transparency, making OryxAlign accountable for its actions. This further enhances trust and clearly demonstrates Oryx Align’s core values; Caring, Trusting, Striving, Supporting and Enjoying.

 

Environment

 

OryxAlign measures its carbon emissions across all three scopes, including water usage, purchased electricity and waste. Our CRP includes a list of current and planned initiatives to reduce our carbon footprint and quantifiable reduction goals.

OryxAlign have partnered with Ecologi and are working towards becoming a ‘Climate Positive Workforce’. Through Ecologi, OryxAlign plants trees to support reforestation and to offset carbon emissions. All employees at OryxAlign are fully enrolled in the partnership with Ecologi, and employee anniversaries, team ‘kudos’ and positive client feedback are all incentivised by planting trees.

As stated in our Environmental Policy and CRP, and in accordance with the Paris Agreement, OryxAlign aims to achieve Net-Zero carbon emissions by 2050. Furthermore, we aim to increase the amount of energy used from renewable sources and we are exploring moving to a ‘green’ energy supplier.

 

Social

 

Our continued collective effort and focus on our people delivered a proven return at year end when we secured a 1-star Best Companies accreditation.

We continue to invest in career development and training with all employees being provided with a Udemy Business training subscription, giving them access to thousands of online training courses. Employees are encouraged to undertake training related to their professional development and their own personal development.

We ensure all our team are well rewarded for the work they do. We annually undertake a thorough salary industry benchmarking exercise and benefits review, to ensure we remain competitive in our sector.

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

Governance

 

The Board produces an annual Business Plan with Corporate Objectives and meets formally, monthly, to review management accounts and progress towards delivering the Business Plan.

The Senior Leadership Team continues to mature and take on increasing responsibility for day-to-day operational activities.

A Technical Steering Group (TSG) provides strategic, technical direction based on technology trends and innovations, including the research and development of new technologies.

Oryx Align continues to trade successfully with two principal business units: Managed Services and Professional Services.

The Company retained its ISO9000 and ISO27001 and Cyber Essentials Plus accreditations and core vendor certifications.

 

Principal risks and uncertainties

Credit Risk

 

OryxAlign’s principal credit risk relates to trade receivables. OryxAlign operates rigorous credit control procedures ensuring the appropriate credit rating of new clients, pre-payments and deposits on large projects and robust management of trade debtors.

 

Liquidity Risk

 

Liquidity risk is that the risk the Company will not be able to meet its obligations associated with financial liabilities.

OryxAlign mitigates liquidity risk by carefully monitoring cash generated from its services and operations, managing cash collections from trade debtors and payments to trade creditors. OryxAlign’s cash flow forecasts are monitored monthly, and regularly undated to ensure that sufficient funds are available to meet all financial commitments.

 

Going Concern

 

The Directors have prepared the cash flow forecasts for a period of at least 12 months from the date of the approval of the financial statements. Based on the cash flow projections and the projected headroom against the available facilities, the Directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

ORYX ALIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

Outlook and Prospects

 

Market conditions for the coming year remain buoyant, and the demand for managed technology services remains extremely high.

OryxAlign’s growing portfolio, presence and reputation in the Data Centre, Commercial Property and Construction sectors continues to drive strong pipeline growth as the demand for critical infrastructure services in these sectors remains robust. The Directors will continue to consolidate the Company’s competitive advantage in these sectors next year, both in the UK and across the European mainland, ensuring the Company’s recurring revenues generated from a mature portfolio of managed services are both protected and strengthened.

On behalf of the board

Mr Carl Henriksen
Director
19 November 2024
ORYX ALIGN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -

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 14.

Ordinary dividends were paid amounting to £269,000 (2023: £236,000). 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 Carl Henriksen
Mr Alistair Fawcett
Mr Justin Rutherford
Mr Godfrey McFall
Dr Geoffery Robins
Ms Andreia Maia
(Appointed 1 April 2024)
Auditor

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

ORYX ALIGN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
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 Carl Henriksen
Director
19 November 2024
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORYX ALIGN LIMITED
- 10 -
Opinion

We have audited the financial statements of Oryx Align 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, the company 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ORYX ALIGN LIMITED
- 11 -

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:

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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ORYX ALIGN LIMITED
- 12 -
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the Group and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Group, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue and profit.

 

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ORYX ALIGN LIMITED
- 13 -
Rachel Chim (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
20 November 2024
Chartered Accountants
Statutory Auditor
ORYX ALIGN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
17,545,131
15,122,609
Cost of sales
(10,472,544)
(9,275,052)
Gross profit
7,072,587
5,847,557
Administrative expenses
(5,604,940)
(4,793,369)
Operating profit
4
1,467,647
1,054,188
Interest receivable and similar income
8
17,106
7,500
Interest payable and similar expenses
9
(15,089)
(8,815)
Profit before taxation
1,469,664
1,052,873
Tax on profit
10
(351,381)
(214,611)
Profit for the financial year
1,118,283
838,262
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.
ORYX ALIGN LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
180,656
180,360
Current assets
Stocks
15
1,433,818
307,830
Debtors falling due after more than one year
16
180,000
-
Debtors falling due within one year
16
4,617,011
3,784,695
Cash at bank and in hand
4,015,237
3,308,830
10,246,066
7,401,355
Creditors: amounts falling due within one year
17
(5,994,394)
(4,134,332)
Net current assets
4,251,672
3,267,023
Total assets less current liabilities
4,432,328
3,447,383
Creditors: amounts falling due after more than one year
18
(212,753)
(71,089)
Provisions for liabilities
Deferred tax liability
21
22,909
34,642
(22,909)
(34,642)
Net assets
4,196,666
3,341,652
Capital and reserves
Called up share capital
24
133
132
Share premium account
22,686
16,298
Capital redemption reserve
2
2
Other reserves
28,350
29,008
Profit and loss reserves
4,145,495
3,296,212
Total equity
4,196,666
3,341,652
ORYX ALIGN LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
Mr Carl Henriksen
Director
Company registration number 05752912 (England and Wales)
ORYX ALIGN LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
180,656
180,360
Investments
13
88
88
180,744
180,448
Current assets
Stocks
15
1,431,318
1,027,893
Debtors falling due after more than one year
16
180,000
-
0
Debtors falling due within one year
16
4,744,054
3,197,093
Cash at bank and in hand
3,793,408
2,888,304
10,148,780
7,113,290
Creditors: amounts falling due within one year
17
(5,957,789)
(3,896,110)
Net current assets
4,190,991
3,217,180
Total assets less current liabilities
4,371,735
3,397,628
Creditors: amounts falling due after more than one year
18
(212,753)
(71,089)
Provisions for liabilities
Deferred tax liability
21
22,909
34,642
(22,909)
(34,642)
Net assets
4,136,073
3,291,897
Capital and reserves
Called up share capital
24
133
132
Share premium account
22,686
16,298
Capital redemption reserve
2
2
Other reserves
28,350
29,008
Profit and loss reserves
4,084,902
3,246,457
Total equity
4,136,073
3,291,897

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 £1,107,444 (2023 - £788,507 profit).

ORYX ALIGN LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 18 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
Mr Carl Henriksen
Director
Company registration number 05752912 (England and Wales)
ORYX ALIGN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
Share capital
Share premium account
Capital redemption reserve
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
132
16,298
2
16,245
2,693,950
2,726,627
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
-
838,262
838,262
Dividends
11
-
-
-
-
(236,000)
(236,000)
Transfers
-
-
-
12,763
-
12,763
Balance at 31 March 2023
132
16,298
2
29,008
3,296,212
3,341,652
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
1,118,283
1,118,283
Issue of share capital
24
1
6,388
-
-
-
6,389
Dividends
11
-
-
-
-
(269,000)
(269,000)
Transfers
-
-
-
7,005
-
7,005
Other movements
-
-
-
(7,663)
-
(7,663)
Balance at 31 March 2024
133
22,686
2
28,350
4,145,495
4,196,666
ORYX ALIGN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
Share capital
Share premium account
Capital redemption reserve
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
132
16,298
2
16,245
2,693,950
2,726,627
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
-
788,507
788,507
Dividends
11
-
-
-
-
(236,000)
(236,000)
Transfers
-
-
-
12,763
-
12,763
Balance at 31 March 2023
132
16,298
2
29,008
3,246,457
3,291,897
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
1,107,445
1,107,445
Issue of share capital
24
1
6,388
-
-
-
6,389
Dividends
11
-
-
-
-
(269,000)
(269,000)
Transfers
-
-
-
7,005
-
7,005
Other movements
-
-
-
(7,663)
-
(7,663)
Balance at 31 March 2024
133
22,686
2
28,350
4,084,902
4,136,073
ORYX ALIGN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,105,435
1,069,403
Interest paid
(7,589)
(1,315)
Income taxes paid
(172,578)
(176,020)
Net cash inflow from operating activities
925,268
892,068
Investing activities
Purchase of tangible fixed assets
(63,664)
(46,045)
Proceeds from disposal of tangible fixed assets
1,763
-
(Repayment of)/ Proceeds from loans
103,585
5,493
Interest received
9,606
-
Net cash generated from/(used in) investing activities
51,290
(40,552)
Financing activities
Proceeds from issue of shares
6,389
-
Payment of finance leases obligations
(7,540)
(1,495)
Dividends paid to equity shareholders
(269,000)
(236,000)
Net cash used in financing activities
(270,151)
(237,495)
Net increase in cash and cash equivalents
706,407
614,021
Cash and cash equivalents at beginning of year
3,308,830
2,694,809
Cash and cash equivalents at end of year
4,015,237
3,308,830
ORYX ALIGN LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,297,284
648,965
Interest paid
(7,589)
(1,315)
Income taxes paid
(165,730)
(176,020)
Net cash inflow from operating activities
1,123,965
471,630
Investing activities
Purchase of tangible fixed assets
(63,664)
(46,045)
Proceeds from disposal of tangible fixed assets
1,763
-
0
Purchase of subsidiaries
-
0
(88)
Repayment of loans/proceeds
103,585
5,493
Interest received
9,606
-
Net cash generated from/(used in) investing activities
51,290
(40,640)
Financing activities
Proceeds from issue of shares
6,389
-
Payment of finance leases obligations
(7,540)
(1,495)
Dividends paid to equity shareholders
(269,000)
(236,000)
Net cash used in financing activities
(270,151)
(237,495)
Net increase in cash and cash equivalents
905,104
193,495
Cash and cash equivalents at beginning of year
2,888,304
2,694,809
Cash and cash equivalents at end of year
3,793,408
2,888,304
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
1
Accounting policies
Company information

Oryx Align Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor, Bury House, 31 Bury Street, London, EC3A 5AR.

 

The group consists of Oryx Align 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. 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 Oryx Align 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.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -

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

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.

 

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

 

- goods have been received at a client's site and there has been a transfer of ownership;

- the configuration of goods is complete, as per the agreed specification details in the scope of works or proposal;

- the final project has been signed off by the client.

Revenue from contracts for the provision of professional services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when 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 contact can be measure reliably at the end of the reporting date

- the costs incurred and the costs to complete the contract can be measured reliably.

 

1.6
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:

Freehold land and buildings
15 years straight line
Leasehold improvements
over the term of the lease
Fixtures and fittings
25% Straight Line
Computers
25% Straight Line
Motor vehicles
33% Straight Line
Hosted Assets
25% Straight Line
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -

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.

1.7
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -

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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the price of equipment or parts purchased from suppliers.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The 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.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 27 -
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.

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.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 28 -
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.

Derecognition of financial liabilities

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

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 29 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Share-based payments

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

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 30 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 31 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Share based payments

The company incurs shared based compensation expense from share options. The company estimates the fair value of options granted to employees using the equity-settled model. The equity-settled model considers several variables and assumptions in estimating the far value of options. These variables include the likelihood of the number of options that will eventually vest.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Managed IT services
8,035,118
7,145,925
Solutions
6,693,240
4,963,410
Professional services and consulting
2,816,773
3,013,274
17,545,131
15,122,609
2024
2023
£
£
Turnover analysed by geographical market
UK
16,515,950
14,276,837
Europe
748,416
836,555
Rest of the world
280,765
9,217
17,545,131
15,122,609
2024
2023
£
£
Other revenue
Interest income
17,106
7,500
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
4,888
3,212
Depreciation of owned tangible fixed assets
61,827
51,143
Profit on disposal of tangible fixed assets
(222)
-
Share-based payments
(658)
12,763
Operating lease charges
316,041
276,743
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
21,900
18,060
For other services
All other non-audit services
508
428
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
10
8
10
8
Technical services
64
63
64
63
Operations and administration
17
17
17
17
Total
91
88
91
88
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 33 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,254,865
4,795,235
5,254,865
4,795,235
Social security costs
538,661
521,138
538,661
521,138
Pension costs
115,831
106,743
115,831
106,743
5,909,357
5,423,116
5,909,357
5,423,116
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
275,275
252,656
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
114,901
117,108
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
17,106
7,500
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,500
7,500
Other finance costs:
Interest on finance leases and hire purchase contracts
7,458
1,315
Other interest
131
-
Total finance costs
15,089
8,815
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
374,613
180,848
Adjustments in respect of prior periods
(11,499)
8,102
Total current tax
363,114
188,950
Deferred tax
Origination and reversal of timing differences
(11,733)
25,661
Total tax charge
351,381
214,611
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 35 -

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
1,469,664
1,052,873
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
367,416
200,046
Tax effect of expenses that are not deductible in determining taxable profit
1,416
5,985
Permanent capital allowances in excess of depreciation
(428)
(15,346)
Under/(over) provided in prior years
(11,499)
8,102
Other adjustments
7,538
(6,133)
Lower tax rates on overseas earnings
(1,329)
(3,704)
Deferred tax movement
(11,733)
25,661
Taxation charge
351,381
214,611
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
269,000
236,000
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Hosted Assets
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
-
0
25,186
31,171
169,212
80,123
405,877
711,569
Additions
28,000
2,194
1,461
30,547
1,462
-
0
63,664
Disposals
-
0
-
0
-
0
(12,777)
-
0
(405,877)
(418,654)
At 31 March 2024
28,000
27,380
32,632
186,982
81,585
-
0
356,579
Depreciation and impairment
At 1 April 2023
-
0
8,563
17,573
97,739
1,457
405,877
531,209
Depreciation charged in the year
1,711
10,199
5,651
35,051
9,215
-
0
61,827
Eliminated in respect of disposals
-
0
-
0
-
0
(11,236)
-
0
(405,877)
(417,113)
At 31 March 2024
1,711
18,762
23,224
121,554
10,672
-
0
175,923
Carrying amount
At 31 March 2024
26,289
8,618
9,408
65,428
70,913
-
0
180,656
At 31 March 2023
-
0
16,623
13,598
71,473
78,666
-
0
180,360
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 37 -
Company
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Hosted Assets
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
-
0
25,186
31,171
169,212
80,123
405,877
711,569
Additions
28,000
2,194
1,461
30,547
1,462
-
0
63,664
Disposals
-
0
-
0
-
0
(12,777)
-
0
(405,877)
(418,654)
At 31 March 2024
28,000
27,380
32,632
186,982
81,585
-
0
356,579
Depreciation and impairment
At 1 April 2023
-
0
8,563
17,573
97,739
1,457
405,877
531,209
Depreciation charged in the year
1,711
10,199
5,651
35,051
9,215
-
0
61,827
Eliminated in respect of disposals
-
0
-
0
-
0
(11,236)
-
0
(405,877)
(417,113)
At 31 March 2024
1,711
18,762
23,224
121,554
10,672
-
0
175,923
Carrying amount
At 31 March 2024
26,289
8,618
9,408
65,428
70,913
-
0
180,656
At 31 March 2023
-
0
16,623
13,598
71,473
78,666
-
0
180,360
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
88
88
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
88
Carrying amount
At 31 March 2024
88
At 31 March 2023
88
14
Subsidiaries

Transactions with subs

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Oryx Align Ireland Limited
Unit 3D North Point House, North Point Business Park, New Mallow Road, Cork, T23AT2P Ireland
Provision of IT services
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,433,818
307,830
1,431,318
1,027,893
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 39 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,752,190
2,611,030
3,663,743
2,611,028
Corporation tax recoverable
79,795
54,004
79,795
54,004
Amounts owed by group undertakings
-
-
231,651
36,645
Other debtors
125,453
188,542
125,453
188,542
Prepayments and accrued income
659,573
931,119
643,412
306,874
4,617,011
3,784,695
4,744,054
3,197,093
Amounts falling due after more than one year:
Other debtors
180,000
-
0
180,000
-
0
Total debtors
4,797,011
3,784,695
4,924,054
3,197,093
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
8,335
7,539
8,335
7,539
Other borrowings
19
-
0
150,000
-
0
150,000
Trade creditors
2,813,041
1,803,608
2,793,954
1,803,608
Corporation tax payable
400,403
184,076
398,700
177,228
Other taxation and social security
486,819
475,899
471,432
475,898
Other creditors
81,639
450,159
81,639
62,465
Accruals and deferred income
2,204,157
1,063,051
2,203,729
1,219,372
5,994,394
4,134,332
5,957,789
3,896,110
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 40 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
62,753
71,089
62,753
71,089
Other borrowings
19
150,000
-
0
150,000
-
0
212,753
71,089
212,753
71,089
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
150,000
150,000
150,000
150,000
Payable within one year
-
0
150,000
-
0
150,000
Payable after one year
150,000
-
0
150,000
-
0

The loan is secured over the trademark of the company.

The loan is repayable in August 2028 and attracts an interest of 5%.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,335
7,539
8,335
7,539
In two to five years
62,753
71,089
62,753
71,089
71,088
78,628
71,088
78,628

Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 41 -
21
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
22,909
34,642
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
22,909
34,642
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
34,642
34,642
Credit to profit or loss
(11,733)
(11,733)
Liability at 31 March 2024
22,909
22,909
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,831
106,743

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share-based payment transactions

The company has an equity-settled share option scheme whereby participants have the opportunity to exchange options for shares at an exercise price. The exercise price is fixed at grant date. Subject to the participant's continued employment, options vest over a period of 3 years, starting from the grant date.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Share-based payment transactions
(Continued)
- 42 -
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
59,000
44,251
0.62
0.53
Granted
4,000
14,749
1.40
1.40
Exercised
(15,212)
-
-
-
Outstanding at 31 March 2024
47,788
59,000
1.03
0.62
Exercisable at 31 March 2024
35,101
37,138
1.03
0.62

The options outstanding at 31 March 2024 had an exercise price ranging from £0.42 to £1.40.

Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
(658)
12,763
(658)
12,763
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.01p each
410,000
410,000
41
41
B Ordinary shares of 0.01p each
383,726
383,726
38
38
C Ordinary shares of 0.01p each
260,000
260,000
26
26
D Ordinary shares of 0.01p each
260,000
260,000
26
26
E Ordinary shares of 0.01p each
24,335
9,123
2
1
1,338,061
1,322,849
133
132

During the year, the company issued 1 Ordinary E shares.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 43 -
25
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
146,154
91,961
146,154
91,961
Between two and five years
48,615
63,452
48,615
63,452
194,769
155,413
194,769
155,413
26
Related party transactions

During the year, total dividends of £269,000 (2023: £236,000) were paid to the directors and their wives.

 

At 31 March 2024, the group was owed £62,094 from the directors (2023: £15,679). These balances do not attract interest and have no fixed repayment date.

 

The parent company made a loan of £150,000 (2023: £150,000) to C Henriksen, a director, which is still outstanding at the year end. Interest of £7,500 (2023: £7,500) was charged on the loan.

 

The parent company made a loan of £30,000 (2023: £nil) to J Rutherford, a director, which is still outstanding at the year end. Interest of £nil (2023: £nil) was charged on this amount.

 

During the year, sales of £14,095 (2023: £950) were made to Digital Concepts Engineering Limited, a company in which G Robins is also a director. At the year end, amounts of £16,914 (2023: £nil) were owed. The transactions were made at arms length.

27
Controlling party

The group is controlled by Mr and Mrs Henriksen, by virtue of their majority interest in the parent company's shares.

ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 44 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,118,283
838,262
Adjustments for:
Taxation charged
351,381
214,611
Finance costs
15,089
8,815
Investment income
(17,106)
(7,500)
Gain on disposal of tangible fixed assets
(222)
-
Depreciation and impairment of tangible fixed assets
61,827
51,143
Equity settled share based payment expense
(658)
12,763
Movements in working capital:
Increase in stocks
(1,125,988)
(258,852)
Increase in debtors
(1,090,110)
(675,575)
Increase in creditors
1,792,939
885,736
Cash generated from operations
1,105,435
1,069,403
29
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,107,445
788,507
Adjustments for:
Taxation charged
349,678
207,763
Finance costs
15,089
8,815
Investment income
(17,106)
(7,500)
Gain on disposal of tangible fixed assets
(222)
-
Depreciation and impairment of tangible fixed assets
61,827
51,143
Equity settled share based payment expense
(658)
12,763
Movements in working capital:
Increase in stocks
(403,425)
(978,915)
Increase in debtors
(1,804,755)
(87,973)
Increase in creditors
1,989,411
654,362
Cash generated from operations
1,297,284
648,965
ORYX ALIGN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 45 -
30
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,308,830
706,407
4,015,237
Borrowings excluding overdrafts
(150,000)
-
(150,000)
Obligations under finance leases
(78,628)
7,540
(71,088)
3,080,202
713,947
3,794,149
31
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,888,304
905,104
3,793,408
Borrowings excluding overdrafts
(150,000)
-
(150,000)
Obligations under finance leases
(78,628)
7,540
(71,088)
2,659,676
912,644
3,572,320
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr Carl HenriksenMr Alistair FawcettMr Justin RutherfordMr Godfrey McFallDr Geoffery RobinsMs Andreia Maiafalse05752912bus:Consolidated2023-04-012024-03-31057529122023-04-012024-03-3105752912bus:Director12023-04-012024-03-3105752912bus:Director22023-04-012024-03-3105752912bus:Director32023-04-012024-03-3105752912bus:Director42023-04-012024-03-3105752912bus:Director52023-04-012024-03-3105752912bus:Director62023-04-012024-03-3105752912bus:RegisteredOffice2023-04-012024-03-31057529122024-03-3105752912bus:Consolidated2024-03-3105752912bus:Consolidated2022-04-012023-03-31057529122022-04-012023-03-3105752912bus:Consolidated2023-03-31057529122023-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3105752912core:LeaseholdImprovementsbus:Consolidated2024-03-3105752912core:FurnitureFittingsbus:Consolidated2024-03-3105752912core:ComputerEquipmentbus:Consolidated2024-03-3105752912core:MotorVehiclesbus:Consolidated2024-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3105752912core:LeaseholdImprovementsbus:Consolidated2023-03-3105752912core:FurnitureFittingsbus:Consolidated2023-03-3105752912core:ComputerEquipmentbus:Consolidated2023-03-3105752912core:MotorVehiclesbus:Consolidated2023-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3105752912core:LeaseholdImprovements2024-03-3105752912core:FurnitureFittings2024-03-3105752912core:ComputerEquipment2024-03-3105752912core:MotorVehicles2024-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3105752912core:LeaseholdImprovements2023-03-3105752912core:FurnitureFittings2023-03-3105752912core:ComputerEquipment2023-03-3105752912core:MotorVehicles2023-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3105752912core:ShareCapitalbus:Consolidated2024-03-3105752912core:ShareCapitalbus:Consolidated2023-03-3105752912core:SharePremiumbus:Consolidated2024-03-3105752912core:SharePremiumbus:Consolidated2023-03-3105752912core:CapitalRedemptionReservebus:Consolidated2024-03-3105752912core:CapitalRedemptionReservebus:Consolidated2023-03-3105752912core:OtherMiscellaneousReservebus:Consolidated2024-03-3105752912core:OtherMiscellaneousReservebus:Consolidated2023-03-3105752912core:ShareCapital2024-03-3105752912core:ShareCapital2023-03-3105752912core:SharePremium2024-03-3105752912core:SharePremium2023-03-3105752912core:CapitalRedemptionReserve2024-03-3105752912core:CapitalRedemptionReserve2023-03-3105752912core:OtherMiscellaneousReserve2024-03-3105752912core:OtherMiscellaneousReserve2023-03-3105752912core:RetainedEarningsAccumulatedLosses2024-03-3105752912core:ShareCapitalbus:Consolidated2022-03-3105752912core:SharePremiumbus:Consolidated2022-03-3105752912core:CapitalRedemptionReservebus:Consolidated2022-03-31057529122022-03-3105752912core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3105752912core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3105752912core:ShareCapital2022-03-3105752912core:SharePremium2022-03-3105752912core:CapitalRedemptionReserve2022-03-3105752912core:RetainedEarningsAccumulatedLosses2022-03-3105752912core:RetainedEarningsAccumulatedLosses2023-03-3105752912core:Non-currentFinancialInstruments2024-03-3105752912core:Non-currentFinancialInstruments2023-03-3105752912core:ShareCapitalbus:Consolidated2023-04-012024-03-3105752912core:SharePremiumbus:Consolidated2023-04-012024-03-3105752912core:ShareCapital2023-04-012024-03-3105752912core:SharePremium2023-04-012024-03-3105752912bus:Consolidated2022-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3105752912core:LeaseholdImprovements2023-04-012024-03-3105752912core:FurnitureFittings2023-04-012024-03-3105752912core:ComputerEquipment2023-04-012024-03-3105752912core:MotorVehicles2023-04-012024-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3105752912core:UKTaxbus:Consolidated2023-04-012024-03-3105752912core:UKTaxbus:Consolidated2022-04-012023-03-3105752912bus:Consolidated12023-04-012024-03-3105752912bus:Consolidated12022-04-012023-03-3105752912bus:Consolidated22023-04-012024-03-3105752912bus:Consolidated22022-04-012023-03-3105752912bus:Consolidated32023-04-012024-03-3105752912bus:Consolidated32022-04-012023-03-3105752912bus:Consolidated42023-04-012024-03-3105752912bus:Consolidated42022-04-012023-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3105752912core:LeaseholdImprovementsbus:Consolidated2023-03-3105752912core:FurnitureFittingsbus:Consolidated2023-03-3105752912core:ComputerEquipmentbus:Consolidated2023-03-3105752912core:MotorVehiclesbus:Consolidated2023-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-03-3105752912bus:Consolidated2023-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3105752912core:LeaseholdImprovements2023-03-3105752912core:FurnitureFittings2023-03-3105752912core:ComputerEquipment2023-03-3105752912core:MotorVehicles2023-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31057529122023-03-3105752912core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3105752912core:LeaseholdImprovementsbus:Consolidated2023-04-012024-03-3105752912core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3105752912core:ComputerEquipmentbus:Consolidated2023-04-012024-03-3105752912core:MotorVehiclesbus:Consolidated2023-04-012024-03-3105752912core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-04-012024-03-3105752912core:CurrentFinancialInstruments2024-03-3105752912core:CurrentFinancialInstruments2023-03-3105752912core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3105752912core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3105752912core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3105752912core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3105752912core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3105752912core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3105752912core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105752912core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105752912core:WithinOneYearbus:Consolidated2024-03-3105752912core:WithinOneYearbus:Consolidated2023-03-3105752912core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3105752912core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3105752912core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3105752912core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105752912core:WithinOneYear2024-03-3105752912core:WithinOneYear2023-03-3105752912core:BetweenTwoFiveYearsbus:Consolidated2024-03-3105752912core:BetweenTwoFiveYearsbus:Consolidated2023-03-3105752912core:BetweenTwoFiveYears2024-03-3105752912core:BetweenTwoFiveYears2023-03-3105752912bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105752912bus:FRS1022023-04-012024-03-3105752912bus:Audited2023-04-012024-03-3105752912bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3105752912bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP