Company Registration No. 07407815 (England and Wales)
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
COMPANY INFORMATION
Directors
D Wylie
N C Williams
Company number
07407815
Registered office
1650 Parkway
Whiteley
Hampshire,
PO15 7AH
Accountants
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 13
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Principal activities

The principal activity of the company is that of a credit data and software development house, specialising in open banking, data orchestration, credit risk consultancy and automated decision technology.

 

The directors are very pleased with the performance of the company this year as indicated by the headline results showing a continued year on year increase in turnover of just over 25% and an outstanding 75% increase in operating profit over the same period (appropriately adjusted to ignore the impact on 2023 profits of an exceptional impairment) A strong increase in recurring revenue has underpinned the company’s ability to invest heavily once again in growth and in R&D.

 

The directors and senior management team recognise the importance of innovation and the company has therefore this year invested more than ever before in growth and R&D by following the long term roadmap devised in constant collaboration with its engaged and diverse customer base. Significant product enhancements have been received very well by existing customers and have been instrumental in winning record levels of new business. Further such enhancements and new product streams are planned during 2025 alongside geographical expansion. The directors are further pleased to report that its strategic relationships with Equifax Limited and Experian Limited remain strong and in harmony with the company’s broad spectrum of product offerings.

 

Investment

 

During the year the Directors entered into negotiations with LDC (Managers) Limited to obtain significant investment for the company by way of a sale of their direct and indirect shareholdings in the company to a dedicated investment vehicle who would then provide significant investment to the company. This sale exchanged on 29 October 2024, is expected to complete in December 2024 and is subject to approval by the Financial Conduct Authority (received on 28th November 2024) On completion, the Directors will not be resigning from the company and will also be taking significant shareholdings in the new ultimate parent company with Neil Williams and David Wylie also being appointed to the Board of Directors in the new Parent Company and Ultimate Parent Company. This investment will allow the company to cement its market position as a leader and innovator in the SaaS decisioning sector.

 

Directors

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

D Wylie
N C Williams

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the Board
N C Williams
Director
11 December 2024
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PERFECT DATA SOLUTIONS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Perfect Data Solutions Limited for the year ended 31 October 2024 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Perfect Data Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Perfect Data Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Perfect Data Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perfect Data Solutions Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Perfect Data Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Perfect Data Solutions Limited. You consider that Perfect Data Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Perfect Data Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cheesmans
11 December 2024
Chartered Accountants
4 Aztec Row
Berners Road
London
N1 0PW
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2024
2023
Notes
£
£
Turnover
1.2
5,334,106
4,237,744
Cost of sales
(2,623,828)
(1,950,987)
Gross profit
2,710,278
2,286,757
Administrative expenses
(2,109,914)
(2,669,027)
Operating profit/(loss)
600,364
(382,270)
Interest receivable and similar income
40,656
6,571
Interest payable and similar expenses
(12)
-
0
Profit/(loss) before taxation
641,008
(375,699)
Tax on profit/(loss)
12,642
(6,320)
Profit/(loss) for the financial year
653,650
(382,019)
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
63,797
73,603
Tangible assets
5
73,185
100,139
Current assets
Debtors
6
1,268,306
1,221,610
Cash at bank and in hand
1,552,575
1,264,890
2,820,881
2,486,500
Creditors: amounts falling due within one year
7
(1,033,540)
(1,044,315)
Net current assets
1,787,341
1,442,185
Total assets less current liabilities
1,924,323
1,615,927
Provisions for liabilities
(18,296)
(25,893)
Net assets
1,906,027
1,590,034
Capital and reserves
Called up share capital
338
338
Share premium account
9,800
9,800
Capital redemption reserve
6
6
Profit and loss reserves
1,895,883
1,579,890
Total equity
1,906,027
1,590,034
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 5 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and are signed on its behalf by:
N C Williams
Director
Company Registration No. 07407815
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
338
9,800
6
2,038,934
2,049,078
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
-
(382,019)
(382,019)
Dividends
-
-
-
(77,025)
(77,025)
Balance at 31 October 2023
338
9,800
6
1,579,890
1,590,034
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
653,650
653,650
Dividends
-
-
-
(337,657)
(337,657)
Balance at 31 October 2024
338
9,800
6
1,895,883
1,906,027
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
1
Accounting policies
Company information

Perfect Data Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1650 Parkway, Whiteley, Hampshire,, PO15 7AH.The financial statements cover the company as an individual entity only.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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
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

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

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

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Trademarks
10 years straight line
Intellectual Property
10 years straight line
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 8 -
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:

Leasehold improvements
5 / 4 years straight line
Computer equipment
3 years straight line
Motor vehicles
7 years 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 credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period 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.

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.

1.8
Cash and cash equivalents

Cash at bank and in hand 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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 9 -
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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans 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.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 10 -
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 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.

1.13
Retirement benefits

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

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
39
37
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
4
Intangible fixed assets
Goodwill
Other
Intellectual Property
Total
£
£
£
£
Cost
At 1 November 2023
21,273
3,111
100,000
124,384
Additions
-
0
520
-
0
520
At 31 October 2024
21,273
3,631
100,000
124,904
Amortisation and impairment
At 1 November 2023
21,273
341
29,167
50,781
Amortisation charged for the year
-
0
326
10,000
10,326
At 31 October 2024
21,273
667
39,167
61,107
Carrying amount
At 31 October 2024
-
0
2,964
60,833
63,797
At 31 October 2023
-
0
2,770
70,833
73,603
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
55,954
131,514
187,468
Additions
-
0
24,734
24,734
Disposals
-
0
(21,653)
(21,653)
At 31 October 2024
55,954
134,595
190,549
Depreciation and impairment
At 1 November 2023
38,981
48,348
87,329
Depreciation charged in the year
11,571
30,623
42,194
Eliminated in respect of disposals
-
0
(12,159)
(12,159)
At 31 October 2024
50,552
66,812
117,364
Carrying amount
At 31 October 2024
5,402
67,783
73,185
At 31 October 2023
16,973
83,166
100,139
PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
776,008
642,516
Other debtors
492,298
579,094
1,268,306
1,221,610

Included in Other Debtors is a loan of £707,501 (2023 £724,430) due from a company controlled by a Director. This loan is unsecured and interest free and is for a period of 20 years. This loan is due to be repaid by October 2040. During the year this company entered into a formal liquidation process and as such the balance of £707,501 has been provided in full.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
427,077
75,265
Taxation and social security
231,524
212,603
Other creditors
374,939
756,447
1,033,540
1,044,315
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
224,491
265,258
9
Events after the reporting date

On 29 October 2024 the shareholders exchanged on a Share Purchase Agreement for the entire share capital to be sold to LMX Bidco Limited. This transaction is expected to complete in late December 2024.

PERFECT DATA SOLUTIONS LIMITED
TRADING AS LENDING METRICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
10
Directors' transactions

Dividends totalling £337,657 (2023 - £77,025) were paid in the year in respect of shares held by a company controlled by a director (2023 - to a director and a company controlled by a director).

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