Company Registration No. SC508840 (Scotland)
EXCEED TORRIDON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
EXCEED TORRIDON LIMITED
COMPANY INFORMATION
Directors
Mr Ian Mills
Mr John Anderson
Mr Alistair Brockie
Mr Bart Van De Laar
Secretary
Mr Wayne Cleal
Company number
SC508840
Registered office
1 Rubislaw Terrace
Aberdeen
AB10 1XE
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
EXCEED TORRIDON LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
EXCEED TORRIDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their strategic report and financial statements for the year ended 29 February 2024 in respect of Exceed Torridon Limited (“the company”).
Key Performance Indicators
The key performance indicators are those that communicate the financial strength of the company as a whole, being revenue, gross margin, result before tax and net assets.
The key financial highlights for the company are as follows:
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Pre-Exceptional and FX EBITDA | | |
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Up to the year ended 29 February 2024, the company’s activity increased given a number of factors: the change in sentiment from consumers and governments from halting all fossil fuelled activities in quick course (not aligned to the Energy Transition) to that of a more balanced view taking into account security of supply concerns; the resumption in activity in the Oil and Gas Energy international sector, and our service offering being in demand given track record and proven quality provision of such. During the period our domestic operations grew over the year, supporting Well Management activities and Decommissioning. The company has reported strong profitability during the period, which is continuing in the current year’s trading, coupled with significant increases from prior year in all key financial performance metrics. Exceed Torridon scaled up its activities through continued projects supporting decommissioning, hydrogen storage, development and exploration in the UKCS which were supplemented by a significant campaign in Namibia which looks set to continue under the Exceed Torridon branch entity.
At the year end, the company had net assets of £2.2m (2023: £1.2m). As noted below, cash flow management is a key area of focus for us with a cash reserves position £10.9m (2023: £0.4m) at the close of the year.
Principal Risks and Uncertainties
The company operates in a highly competitive environment. The principal risks and uncertainties facing the company include:
1. Government fiscal policy uncertainty;
2. Market sentiment regarding the Energy Sector;
3. The continuing pressures on the group’s margin through competition;
4. Project deferral / cancellations;
5. Uncertainty in Oil price, albeit stable circa $80/bbl; and
6. International business typical risks.
The business is facing a set of risks as outlined above. The risks and their impacts are mitigated through management of our cost base, investment in our core services, staying true to our values, embracing the Energy Transition and recognition by our clients of maintaining the quality in delivering our services.
The balance sheet remains strong and as the largest independent well management company, is set up to succeed and be an enabler to the energy transition to a sustainable lower carbon energy future.
EXCEED TORRIDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Principal Risks and Uncertainties (continued)
Management look to continue to develop opportunities from both within and out with the carbon-based energy industry, building upon our strengths of executing large scale industrial projects for our client base. The business continues to invest in our people and in enhancing our business systems, including an organisational competence management system, continued evolution and response controls in terms of Health and Safety, environmental management, quality systems and ethics and compliance.
Contract negotiation will always be a principal risk for our business, but we are confident in the strength of our brand and in our customer relationships that put us in a good position heading into any contract negotiations, coupled with our strategic objective of looking to diversify our customer industry base.
Future Developments
We maintain a good reputation and we remain optimistic about future opportunities. Over the course of 2024 to date operations have continued with a number of key clients, supplemented by a number of projects awarded with new clientele. The oil price has shown a sustained period of stability at $80-85. The growth in revenue in the year to February 2024 was on the back of previous years investment in resources and facilities, hence margins have shown such an improvement. Since March 2024 the company is continuing to operate at the same level achieving both high revenue and resultant profits.
The company’s customer base has benefitted from continuing work being awarded based on past performance plus the addition of some new awards from well-established Energy players.
As global energy demand settles and a balance is reset between traditional energy sources and alternative renewable solutions and the pathway to meet our carbon goals, the company is now experiencing the benefits from the early Operator community adoption of strategies intended to meet such. Operators have released experienced staff technical personnel and have commenced their decommissioning programmes – both of which requires a reliance upon Well Management and Decommissioning service providers to meet their internal requirements.
Despite the challenging sentiment toward the sector this is now being replaced with a more informed perspective that recognises Energy Transition as a journey that must be planned and managed and incorporate national security of supply concerns. Exceed, being the largest independent, continues to attract interest from PE investors, trade partners and some of the mid-stream engineering companies seeking a position in emerging energy transition projects, including Blue Hydrogen, CCS, geothermal and offshore gas to wire projects.
Mr Ian Mills
Director
29 November 2024
EXCEED TORRIDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The company’s mission is to maximise the recovery factor and manage the productive life of our clients’ assets whilst enabling the energy transition to Carbon Zero.
The activities range from new country entry, tax optimisation strategies, drilling, completion, logistics, subsea field development, decommissioning and delivering energy transition projects including field life extension, CCS, blended hydrogen storage.
Existence of branches outside the UK
The company has a branch in Namibia.
Results and dividends
The results for the year are set out on page 9. The directors are satisfied with the performance of the company during the year.
Interim dividends were paid amounting to £151,004 (2023: £nil). A final dividend of £1,258,363 was approved (2023:
£nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Ian Mills
Mr John Anderson
Mr Alistair Brockie
Mr Bart Van De Laar
Financial management risk
The company does not use derivatives for either financial risk management or for speculative purposes. The company's risk management objectives, polices and exposure to financial risks are not considered material for he assessment of the company's asset, liabilities, financial position or result for the year and as such, no further disclosure is considered necessary.
Auditor
The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr Ian Mills
Director
29 November 2024
EXCEED TORRIDON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EXCEED TORRIDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXCEED TORRIDON LIMITED
- 5 -
Opinion
We have audited the financial statements of Exceed Torridon Limited (‘the company’) for the year ended 29 February 2024, which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
Give a true and fair view of the state of the company’s affairs as at 29 February 2024 and of its profit for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
Have been prepared in accordance with the requirements of the Companies Act 2006.
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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 the audit:
The information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
EXCEED TORRIDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCEED TORRIDON LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
The financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of Directors’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
EXCEED TORRIDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCEED TORRIDON LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;
Performing audit work procedures confirming the occurrence of revenue recognised within the financial statements and ensuring sales have been recorded in the correct financial period, by performing cut-off procedures at the year end;
Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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.
EXCEED TORRIDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCEED TORRIDON LIMITED
- 8 -
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.
Stephen McIlwaine (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
29 November 2024
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
EXCEED TORRIDON LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
Notes
£
£
Revenue
3
24,351,209
13,772,607
Cost of sales
(17,291,541)
(11,277,483)
Gross profit
7,059,668
2,495,124
Administrative expenses
(3,309,462)
(2,246,531)
Other operating income
174
1,335
Exceptional items
4
(444,602)
Operating profit
5
3,305,778
249,928
Investment income
8
41,800
-
Finance costs
(3,989)
-
Profit before taxation
3,343,589
249,928
Tax on profit
9
(845,448)
(48,517)
Profit and total comprehensive income for the financial year
2,498,141
201,411
The income statement has been prepared on the basis that all operations are continuing operations.
There are no other gains or losses for the year, other than those shown above, hence a separate Statement of Comprehensive Income is not presented.
EXCEED TORRIDON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
11
3,087
4,511
Property, plant and equipment
12
122,046
35,212
125,133
39,723
Current assets
Trade and other receivables
13
8,151,174
6,371,597
Cash and cash equivalents
10,896,609
390,643
19,047,783
6,762,240
Current liabilities
14
(16,956,408)
(5,543,007)
Net current assets
2,091,375
1,219,233
Total assets less current liabilities
2,216,508
1,258,956
Non-current liabilities
14
(9,965)
(41,672)
Net assets
2,206,543
1,217,284
Equity
Called up share capital
18
186,713
190,852
Capital redemption reserve
19
13,718
9,148
Retained earnings
20
2,006,112
1,017,284
Total equity
2,206,543
1,217,284
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr Ian Mills
Director
Company Registration No. SC508840
EXCEED TORRIDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 March 2022
195,422
4,578
915,819
1,115,819
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
201,411
201,411
Own shares acquired
-
-
(99,946)
(99,946)
Redemption of shares
18
(4,570)
4,570
-
Balance at 28 February 2023
190,852
9,148
1,017,284
1,217,284
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
2,498,141
2,498,141
Issue of share capital
18
431
-
-
431
Dividends
10
-
-
(1,409,367)
(1,409,367)
Own shares acquired
-
-
(99,946)
(99,946)
Redemption of shares
18
(4,570)
4,570
Balance at 29 February 2024
186,713
13,718
2,006,112
2,206,543
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
1
Accounting policies
Company information
Exceed Torridon Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE. The activities range from new country entry, tax optimisation strategies, drilling, completion, logistics, subsea field development, decommissioning, and delivering energy transition projects including field life extension, CCS, blended hydrogen storage. The company is a subsidiary of Exceed (XCD) Holdings Limited which prepares consolidated financial statements in which the company is included. The consolidated financial statements of Exceed (XCD) Holdings Limited are available from UK Companies House.
1.1
Accounting convention
The financial statements of the company for the year ended 29 February 2024 were authorised for issue by the board of directors on the date per the statement of financial position on page 11, and were signed on the board's behalf by Mr Ian Mills. The financial statements have been prepared in accordance with FRS 101 'Reduced Disclosure Framework' ("FRS 101") and using the historical cost convention. Monetary amounts in these financial statements are rounded to the nearest £ unless otherwise stated.
In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted International Accounting Standards, but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions have been taken:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of the second sentence of paragraph 110 and paragraph 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers.
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of Exceed (XCD) Holdings Limited. These consolidated financial statements can be obtained via the Companies House website (https://find-and-update.company-information.service.gov.uk/). Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.
New accounting standards
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements requiring that an entity discloses its material accounting policies, instead of its significant accounting policies. There are no other amendments to accounting standards or IFRIC interpretations that are effective for the year ended 29 February 2024 that have had a material impact on the company
1.2
Going concern
At the time of approving the financial statementstrue and having considered external market conditions coupled with the company's and wider Exceed Group's financial forecasts, the directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made the informed judgement, at the same time as approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this informed judgement, the directors have considered a period of at least 12 months from the date of approval of these financial statements. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Revenue
Revenue from providing services is recognised in the accounting period in which the services are rendered and is measured at the fair value of the consideration received or receivable and represents amounts receivable for services supplied, stated net of discounts and value added taxes. The company recognises revenue when performance obligations have been satisfied and for the company this is when the services have transferred to the customer. This is based on the actual service provided to the end of the reporting period, determined based on actual labour hours spent and rates specified within the contract with the customer.
The company also incurs expenses on behalf of customers, which are then billed onto the customers, generally at no margin. In this scenario, the company is considered to be acting as agent for the customers and as such these reimbursable expenses are netted off within cost of sales, rather than being recorded as revenue.
1.4
Intangible assets other than goodwill
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the necessary technical, commercial and measurement criteria for capitalisation are met. Directly attributable costs that are capitalised as part of software product include the software development employee costs and an appropriate portion of relevant overheads.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Software is amortised at 20% straight line.
1.5
Property, plant and equipment
Property, plant and equipment 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:
Fixtures and fittings
33% straight line
Office equipment
33% straight line
Right-of-use asset
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 income statement.
1.6
Impairment of non-financial assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
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.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8
Financial assets
The company classifies its financial assets into the following categories: at fair value through profit or loss ("FVTPL"), at fair value through other comprehensive income ("FVOCI") and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. The company has no financial assets classified at FVTPL, FVOCI or any derivative financial instruments.
i) Financial assets at amortised cost
The company classified its financial assets as at amortised cost only if both of the following criteria are met:
The asset is held within a business model whose objective is to collect the contractual cash flows; and
The contractual terms give rise to cash flows that are solely payments of principal and interest.
ii) Impairment of financial assets
Assets carried at amortised cost
The company assesses, at the end of each reporting period, whether there is objective evidence that a financial asset or group of financial assets is impaired. Refer to the note below.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
iii) Trade and other receivables
Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
The company applies the IFRS 9 Financial Instruments simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
1.9
Trade and other creditors
Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Dividend distributions to the company’s shareholders are recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are measured on an undiscounted basis.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities, where there is an intention to settle the balances on a net basis.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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 inventories or non-current 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group.
Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If this cannot be readily determined, the group’s incremental borrowing rate is used. Lease payments are allocated between principal and finance cost.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.15
Foreign exchange
The company’s financial statements are presented in sterling, which is also the company’s functional currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
1.16
Exceptional items comprise of income and costs which the directors consider as material to the income statement, that their separate disclosure is necessary for an appropriate understanding of the company's financial performance.
2
Critical accounting estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.
3
Revenue
The company operates one principal area of activity, being management and consultancy services (rendering of services).
An analysis of the company's revenue is as follows:
2024
2023
£
£
Revenue analysed by class of business
Management, Engineering and Administration
24,351,209
13,772,607
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom and Europe
20,246,633
13,744,742
Rest of world
4,104,576
27,865
24,351,209
13,772,607
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Revenue
(Continued)
- 18 -
With the company having one principal source of revenue, being the rendering of services, its revenue is derived from contracts from customers. As such all trade receivables are derived from contracts with customers and presented within note 13. There are no contract assets or liabilities.
Most management and consultancy service activity sees full payment from customers typically due within 30 days of an invoice being raised and the invoice typically raised within 30 days of the performance obligation being satisfied.
No impairment losses have been recognised in the current or prior year in respect of customer receivables.
4
Exceptional items
2024
2023
£
£
Expenditure
Exceptional settlement costs
444,602
-
The exceptional item relates to additional costs in respect of a negotiated settlement on a previous contract, that was finalised during the current financial year.
5
Profit before tax
2024
2023
£
£
Profit before tax for the year is stated after charging/(crediting):
Exchange losses/(gains)
224,047
(2,114)
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
11,800
Depreciation of property, plant and equipment
78,271
24,044
Amortisation of intangible assets
1,424
1,425
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management, Engineering and Administration
49
42
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,202,051
3,666,648
Social security costs
630,779
468,132
Pension costs
316,723
218,951
6,149,553
4,353,731
Certain staff costs are borne by the parent company, Exceed (XCD) Holdings Limited. A management fee is charged to allocate this from the parent to its subsidiaries. For the year ended 29 February 2024, this was £1,680,000 (2023: £1,486,394).
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
356,597
343,072
Company pension contributions to defined contribution schemes
45,864
21,444
402,461
364,516
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
167,731
153,660
Company pension contributions to defined contribution schemes
11,975
10,803
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
41,800
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
813,033
49,109
Adjustments in respect of prior periods
16,087
(7,053)
Total UK current tax
829,120
42,056
Foreign taxes and reliefs
9,531
2,729
838,651
44,785
Deferred tax
Origination and reversal of temporary differences
(1,349)
Adjustments in respect of prior periods
6,797
5,081
6,797
3,732
Total tax charge
845,448
48,517
The charge for the year can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit before taxation
3,343,589
249,928
Expected tax charge based on a corporation tax rate of 24.49% (2023: 19.00%)
818,845
47,486
Effect of expenses not deductible in determining taxable profit
3,438
Adjustment in respect of prior years
16,087
(7,053)
Deferred tax adjustments in respect of prior years
-
5,081
Foreign tax
9,531
2,729
Effect of change in tax rate on measurement of deferred tax
-
(67)
Fixed asset differences
-
(1,507)
Other differences
985
(519)
Movements in deferred tax not recognised
-
(1,071)
Taxation charge for the year
845,448
48,517
The deferred tax asset of nil (2023: £3,065) at note 13 relates to short-term timing differences.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
10
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
A Ordinary shares
Final dividend paid
7.29
-
500,015
-
Interim dividend paid
0.88
-
60,002
-
8.17
560,017
-
B Ordinary shares
Final dividend paid
7.29
-
758,349
-
Interim dividend paid
0.88
-
91,001
-
8.17
-
849,350
-
Total dividends
Final dividends paid
1,258,364
-
Interim dividends paid
151,003
1,409,367
-
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
11
Intangible fixed assets
Software
£
Cost
At 28 February 2023
7,123
At 29 February 2024
7,123
Amortisation and impairment
At 28 February 2023
2,612
Charge for the year
1,424
At 29 February 2024
4,036
Carrying amount
At 29 February 2024
3,087
At 28 February 2023
4,511
12
Property, plant and equipment
Fixtures and fittings
Office equipment
Right-of-use asset
Total
£
£
£
£
Cost
At 28 February 2023
18,225
97,587
115,812
Additions
4,209
36,088
124,808
165,105
At 29 February 2024
22,434
133,675
124,808
280,917
Accumulated depreciation and impairment
At 28 February 2023
3,037
77,563
80,600
Charge for the year
2,209
18,458
57,604
78,271
At 29 February 2024
5,246
96,021
57,604
158,871
Carrying amount
At 29 February 2024
17,188
37,654
67,204
122,046
At 28 February 2023
15,188
20,024
35,212
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
13
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade receivables
3,298,265
5,706,400
-
-
Amounts owed by fellow group undertakings
201,994
161,993
Other receivables
3,353,914
-
-
-
Prepayments and accrued income
1,297,001
500,139
-
-
8,151,174
6,368,532
-
-
Deferred tax asset
-
-
-
3,065
8,151,174
6,368,532
-
3,065
Amounts due from group undertakings are unsecured, interest free and repayable on demand.
14
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
15
14,862,808
4,725,886
41,672
Taxation and social security
2,034,768
817,121
Lease liabilities
17
58,832
9,965
16,956,408
5,543,007
9,965
41,672
15
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
9,358,494
3,327,838
Amounts owed to fellow group undertakings
1,614,183
1,061,895
-
41,672
Accruals and deferred income
551,257
336,153
Other payables
3,338,874
-
-
-
14,862,808
4,725,886
-
41,672
Amounts due to group undertakings are unsecured, interest free and repayable on demand, aside from those classified as non-current.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
ACAs
£
Deferred tax asset at 1 March 2022
(6,797)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
3,732
Deferred tax asset at 1 March 2023
(3,065)
Deferred tax movements in current year
Charge/(credit) to profit or loss
3,065
Deferred tax liability at 29 February 2024
The deferred tax asset represents temporary timing differences. Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
17
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
58,832
-
In two to five years
9,965
-
Total undiscounted liabilities
68,797
-
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
58,832
Non-current liabilities
9,965
68,797
-
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
3,989
-
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
17
Lease liabilities
(Continued)
- 25 -
The lease liability and associated right-of-use asset represents the leased office property of 2 Rubislaw Terrace, Aberdeen, AB10 1XE, under a three year lease agreement. The cash outflow in relation to this lease during the year was £60,000.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
104,000
104,000
104,000
104,000
B Ordinary shares of £1 each
82,282
86,852
82,282
86,852
C Ordinary shares of 1p each
43,143
-
431
-
229,425
190,852
186,713
190,852
A and B ordinary classes have equal voting rights and rank pari passu. C shares do not carry any voting rights but otherwise rank pari passu with the other share classes.
During the year the company repurchased and subsequently cancelled 4,570 of B ordinary shares for £99,946 (2023: 4,570 B ordinary shares for £99,946). Retained earnings were used to repurchase the shares. This forms part of an overall arrangement whereby the company has agreed to repurchase and cancel 27,428 of B ordinary shares from two existing shareholders, which will be completed over six individual transactions starting 31 July 2021 and ending 31 July 2026.
19
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares repurchased from the company's retained earnings in order to maintain its capital base.
20
Retained earnings
Retained earnings reflect the aggregate of all profit and losses recognised through the income statement, less dividends paid throughout all periods up to the balance sheet date.
21
Financial commitments, guarantees and contingent liabilities
There is a floating charge, held by the bank, over the company’s assets.
22
Related party transactions
Remuneration of key management personnel
Per the exemptions available under FRS101, the company has not sought to disclose the remuneration of key management personnel in either the current or prior years.
EXCEED TORRIDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
22
Related party transactions
(Continued)
- 26 -
Other transactions with related parties
The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned members of the group.
Sales
Purchases
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with joint control or significant influence over the company
1,001,455
8,160
3,018,974
4,321,092
Other related parties
4,535
162,760
230,262
150,340
1,005,990
170,920
3,249,236
4,471,432
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with joint control or significant influence over the company
1,599,208
1,061,895
Other related parties
14,975
1,614,183
1,061,895
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
201,994
161,993
Intercompany balances are interest free and repayable on demand.
Other related parties relate to fellow subsidiary companies within the Exceed (XCD) Holdings Limited group.
23
Controlling party
The immediate and ultimate parent of the company is Exceed (XCD) Holdings Limited. Exceed (XCD) Holdings Limited is a company registered in Scotland and is the smallest and largest group to prepare consolidated financial statements, which includes the company's financial results. Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.
2024-02-292023-03-01Mr Ian MillsMr John AndersonMr Alistair BrockieMr Bart Van De LaarMr Wayne ClealfalsefalseCCH SoftwareiXBRL Review & Tag 2024.2SC5088402023-03-012024-02-29SC508840bus:Director12023-03-012024-02-29SC508840bus:Director22023-03-012024-02-29SC508840bus:Director32023-03-012024-02-29SC508840bus:Director42023-03-012024-02-29SC508840bus:CompanySecretary12023-03-012024-02-29SC508840bus:RegisteredOffice2023-03-012024-02-29SC5088402024-02-29SC5088402022-03-012023-02-28SC50884012023-03-012024-02-29SC50884012022-03-012023-02-28SC508840core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29SC508840core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28SC508840core:IntangibleAssetsOtherThanGoodwill2024-02-29SC508840core:IntangibleAssetsOtherThanGoodwill2023-02-28SC508840core:Goodwillcore:ContinuingOperations2024-02-29SC508840core:ComputerSoftware2024-02-29SC508840core:ComputerSoftware2023-02-28SC508840core:ContinuingOperations2024-02-29SC5088402023-02-28SC508840core:FurnitureFittings2024-02-29SC508840core:PlantMachinery2024-02-29SC508840core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-02-29SC508840core:FurnitureFittings2023-02-28SC508840core:PlantMachinery2023-02-28SC508840core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-28SC508840core:ShareCapital2024-02-29SC508840core:ShareCapital2023-02-28SC508840core:CapitalRedemptionReserve2024-02-29SC508840core:CapitalRedemptionReserve2023-02-28SC508840core:RetainedEarningsAccumulatedLosses2024-02-29SC508840core:RetainedEarningsAccumulatedLosses2023-02-28SC5088402022-02-28SC508840core:ShareCapitalOrdinaryShares2024-02-29SC508840core:ShareCapitalOrdinaryShares2023-02-28SC508840core:ShareCapital2022-03-012023-02-28SC508840core:ShareCapital2023-03-012024-02-29SC508840core:CapitalRedemptionReserve2023-03-012024-02-29SC508840core:LoansReceivables2023-03-012024-02-29SC508840core:UKTax2023-03-012024-02-29SC508840core:UKTax2022-03-012023-02-28SC508840core:ForeignTax12023-03-012024-02-29SC508840core:ForeignTax12022-03-012023-02-28SC508840core:ComputerSoftware2023-02-28SC508840core:ComputerSoftware2023-03-012024-02-29SC508840core:FurnitureFittings2023-02-28SC508840core:PlantMachinery2023-02-28SC508840core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-28SC5088402023-02-28SC508840core:FurnitureFittings2023-03-012024-02-29SC508840core:PlantMachinery2023-03-012024-02-29SC508840core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-012024-02-29SC508840core:CurrentFinancialInstruments2024-02-29SC508840core:CurrentFinancialInstruments2023-02-28SC508840core:Non-currentFinancialInstruments2024-02-29SC508840core:Non-currentFinancialInstruments2023-02-28SC508840core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-29SC508840core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC508840core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-29SC508840core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC508840core:AcceleratedTaxDepreciationDeferredTax2022-02-28SC508840core:AcceleratedTaxDepreciationDeferredTax2023-02-28SC508840core:AcceleratedTaxDepreciationDeferredTax2024-02-29SC508840core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchasePropertyOrOtherAssets2024-02-29SC508840core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2023-02-28SC508840core:OtherRelatedPartiescore:SaleOrPurchaseGoods2024-02-29SC508840core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-02-28SC508840core:SaleOrPurchaseGoods2023-02-28SC508840core:OtherRelatedParties2024-02-29SC508840core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2024-02-29SC508840core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-02-29SC508840core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-02-28SC508840core:OtherRelatedParties2023-02-28SC508840bus:PrivateLimitedCompanyLtd2023-03-012024-02-29SC508840bus:FRS1012023-03-012024-02-29SC508840bus:Audited2023-03-012024-02-29SC508840bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP