Company registration number SC086146 (Scotland)
BIP SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BIP SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 26
BIP SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr R L Burges
Mr S Burges
Mr J McPhillimy
Mrs L M Andrews
Mr G Steed
Secretary
Mrs L M Andrews
Company number
SC086146
Registered office
Medius
60 Pacific Quay
Glasgow
United Kingdom
G51 1DZ
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
Bankers
Barclays
60 Kingston Street
Glasgow
G5 8BJ
Solicitors
Burness Paull LLP
120 Bothwell Street
Glasgow
United Kingdom
G2 7JL
BIP SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Business review

Turnover increased 5.6% over the prior year with growth in each of our three core areas of Business Intelligence, E-sourcing & Supply Chain and Media & Marketing Solutions. 

 

The core of our business is our license and subscription based products.  We continued to invest heavily into our own brands with a focus on enhancing our products through data science, Machine Learning and Artificial Intelligence.

 

The directors would like to thank our staff and customers for their continued support and enthusiasm over the past year. We maintained a strong focus on employee development and engagement in support of our core values of Passion, Integrity and Respect.

 

The company maintains a strong balance and excellent financial liquidity and continued to invest cash in both term deposits and quoted share investments.

Principal risks and uncertainties

The company operates in a competitive environment, therefore there is a risk that the investments will not deliver the expected returns. Uncertainties continue over inflation, procurement reform and the political landscape as well as the ongoing challenges around Cyber Security. We continue to invest in security measures such as Cyber Essentials and system monitoring.

Future developments

We continue to focus on developing our own products with regular enhancement upgrades across the product set but are continually reviewing where additional value add from the data that we maintain can be gained including through the use of Machine Learning and Artificial Intelligence.

Financial key performance indicators

The key indicators for the business are customer yield which has improved in the financial year and customer retention which remains steady; and revenue/profit per employee.

Financial risk management

The directors believe that the financial risks the Company could potentially be exposed to principally relate to credit risk within working capital. The Company is exposed to the risk of default by its trade debtors. The directors manage this risk through:

 

 

The trade debtors presented in the balance sheet are stated net of provision for doubtful debts. Provision is made where the directors consider there to be a risk that the full amount of the outstanding balance will not be recoverable.

 

On behalf of the board

Mr S Burges
Director
23 January 2025
BIP SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

BiP Solutions Limited provides a variety of procurement and supply chain solutions to companies and organisations across the public and private sector.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,135,000. The directors do not recommend payment of a final 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 R L Burges
Mr S Burges
Mr J McPhillimy
Mrs L M Andrews
Mr G Steed
Research and development

The company specialises in the development and operation of information technology systems that enable various aspects of the public and private sector supply chain process. Its products are used widely within the industry by government organisations, individual buyers and suppliers, companies of all sizes and are generally regarded as the best-in-class solutions. The company has a rich history of innovation in this highly competitive field through the research and development of a number of different large scale and efficient products. In this vein, it has continued to develop its core Delta and Tracker systems including the development of Artificial Intelligence and Machine Learning.

Auditor

The auditor, Azets Audit Services, 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.

Matters covered in the strategic report

A business review, principal risk and uncertainties and likely future developments are covered in the strategic report on page 1 of these financial statements.

On behalf of the board
Mr S Burges
Director
23 January 2025
BIP SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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:

 

 

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.

BIP SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIP SOLUTIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of BiP Solutions Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the 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 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 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.

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:

BIP SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIP SOLUTIONS LIMITED
- 5 -
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:

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 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'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.

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.

BIP SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIP SOLUTIONS LIMITED
- 6 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

David Samborek
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 January 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
BIP SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,672,768
11,997,390
Cost of sales
(6,625,248)
(6,175,598)
Gross profit
6,047,520
5,821,792
Administrative expenses
(5,455,954)
(5,433,068)
Other operating income
3,783
63,627
Operating profit
4
595,349
452,351
Interest receivable and similar income
7
334,406
113,993
Loss on disposal of fixed asset investments
8
(17,452)
-
Fair value gains and losses on fixed asset investments
34,086
24,911
Profit before taxation
946,389
591,255
Tax on profit
9
115,460
27,042
Profit for the financial year
1,061,849
618,297

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

BIP SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
84,428
422,142
Other intangible assets
11
692,283
1,083,341
Total intangible assets
776,711
1,505,483
Tangible assets
12
484,400
533,566
Investments
13
727,864
731,401
1,988,975
2,770,450
Current assets
Debtors
15
4,764,138
4,508,457
Investments
16
4,462,015
4,008,364
Cash at bank and in hand
4,945,796
4,272,405
14,171,949
12,789,226
Creditors: amounts falling due within one year
17
(7,255,552)
(6,967,666)
Net current assets
6,916,397
5,821,560
Total assets less current liabilities
8,905,372
8,592,010
Creditors: amounts falling due after more than one year
18
(2,411,869)
(1,838,214)
Provisions for liabilities
Deferred tax liability
19
93,076
280,218
(93,076)
(280,218)
Net assets
6,400,427
6,473,578
Capital and reserves
Called up share capital
21
10,000
10,000
Share premium account
4,991
4,991
Revaluation reserve
111,913
114,962
Profit and loss reserves
6,273,523
6,343,625
Total equity
6,400,427
6,473,578
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr S Burges
Director
Company Registration No. SC086146
BIP SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
10,000
4,991
118,011
6,922,279
7,055,281
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
618,297
618,297
Dividends
10
-
-
-
(1,200,000)
(1,200,000)
Transfers
-
-
(3,049)
3,049
-
Balance at 30 April 2023
10,000
4,991
114,962
6,343,625
6,473,578
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
1,061,849
1,061,849
Dividends
10
-
-
-
(1,135,000)
(1,135,000)
Transfers
-
-
(3,049)
3,049
-
Balance at 30 April 2024
10,000
4,991
111,913
6,273,523
6,400,427
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
1
Accounting policies
Company information

BiP Solutions Limited is a private company limited by shares incorporated in Scotland. The registered office is Medius, 60 Pacific Quay, Glasgow, United Kingdom, G51 1DZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of B.I.P. (Holdings) Limited. These consolidated financial statements are available from its registered office, Pacific House, Salford Way, Salford, England, M50 1DR.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 11 -
1.2
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.  In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due.true

 

The company meets its day to day working capital requirements through cash generated from operations and existing cash reserves.  Management information tools including budgets and cash flow forecasts are used to monitor and manage current and future liquidity.

 

The company acknowledges that economic pressures, political change and public sector procurement practices could change the economic environment in which we operate. We do not believe that individually any of these would result in operations being unable to continue. However, the company acknowledges this could change depending on how the situation evolves and whether there are interruptions to business or demand as detailed above.

 

The current and future financial position of the company, its cash flows and liquidity position has been reviewed by the directors.

 

Following this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes ensuring the company has sufficient headroom to meet any additional forecast cash requirements that would be contingent on an extended downturn in economic activity.

 

As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Amounts receivable in respect of subscription services sold by the company are billed in advance to customers at the start of the subscription period. Revenue on these sales is deferred in the balance sheet at the point of subscription, and released to the profit and loss account monthly on a straight line basis over the subscription period. A specific provision is made for anticipated cancellations.

 

All other revenues generated, including advertising, events management, software licences and consultancy, are recognised on delivery of the service.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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.

1.5
Intangible fixed assets - goodwill

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

 

Date of hive-up            Estimated useful life

ProMark Media Limited        2018                4 years

Ingenium IDS Limited        2018                7 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.

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

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

1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
4 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

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 and land building
2.5% per annum
Fixtures and fittings
25% per annum
Motor vehicles
33% per annum

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.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

Investments in unlisted company shares, whose market value can be reliably determined, are carried at fair value and the changes in fair value are recognised in profit or loss. Where market value cannot be reliably determined, such investments are stated at cost less impairment.

 

Investments in listed company shares are held at fair value, with movements in fair value being recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the 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.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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 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.

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 company 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.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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, 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 company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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 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.

1.14
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
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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.

1.18

Exceptional items

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

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.19

Research and development

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. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of four years.

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.

Critical judgements

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

Investments

Judgements are made relating to the determination of carrying value of unlisted investments at fair value through the statement of comprehensive income. In determining this amount, the company applies the overriding concept that the fair value is the amount for which an asset can be exchanged between knowledge willing parties in an arm's length transaction. The nature, facts and circumstance of the investment drives the valuation methodology.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,282,823
11,559,204
Rest of Europe
186,556
273,525
Rest of the World
203,389
164,661
12,672,768
11,997,390
2024
2023
£
£
Other revenue
Interest income
319,171
100,013
Dividends received
15,235
13,980
Rental Income
-
29,107

Turnover is wholly attributable to the principal activity of the company.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
6,553
(12,792)
Fees payable to the company's auditor for the audit of the company's financial statements
23,550
22,500
Depreciation of owned tangible fixed assets
118,116
141,613
Amortisation of intangible assets
988,926
1,032,981
Operating lease charges
552,972
552,973
5
Employees

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

2024
2023
Number
Number
132
133

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,738,182
5,447,469
Social security costs
601,394
584,734
Pension costs
204,829
183,100
6,544,405
6,215,303

At the Balance Sheet date, there were outstanding pension contributions of £46,072 (2023: £35,965)

 

Included in the above are wages and salaries of £203,680 (2023: £287,937) which were capitalised as software development costs (note 11).

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
346,359
338,072
Company pension contributions to defined contribution schemes
18,250
18,250
364,609
356,322

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,642
127,955
Company pension contributions to defined contribution schemes
7,438
7,438
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
319,171
100,013
Other income from investments
Dividends received
15,235
13,980
Total income
334,406
113,993
8
Loss on disposal of
fixed asset investments
2024
2023
£
£
Loss on disposal of fixed asset investments
(17,452)
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
101,440
-
0
Adjustments in respect of prior periods
(29,758)
-
0
Total current tax
71,682
-
0
Deferred tax
Origination and reversal of timing differences
37,170
(27,042)
Adjustment in respect of prior periods
(224,312)
-
0
Total deferred tax
(187,142)
(27,042)
Total tax credit
(115,460)
(27,042)
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 20 -

The actual credit 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
946,389
591,255
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
236,597
115,236
Tax effect of expenses that are not deductible in determining taxable profit
7,875
13,782
Tax effect of income not taxable in determining taxable profit
(4,159)
(4,856)
Research and development tax credit
(180,257)
(115,788)
Deferred tax adjustments in respect of prior years
(224,312)
-
0
Fixed asset differences
86,585
93,873
Group income
(3,809)
(2,725)
Other permanent differences
-
0
148
Movement in deferred tax not recognised
(33,980)
(154,869)
Remeasurement of deferred tax for change in rates
-
0
28,157
Taxation credit for the year
(115,460)
(27,042)
10
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary A
Interim paid
77,500.00
85,000.00
775,000
850,000
Ordinary B
Interim paid
36.04
35.04
360,000
350,000
Total dividends
Interim paid
1,135,000
1,200,000
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
11
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 May 2023
3,158,142
4,044,234
7,202,376
Additions - internally developed
-
0
260,154
260,154
At 30 April 2024
3,158,142
4,304,388
7,462,530
Amortisation and impairment
At 1 May 2023
2,736,000
2,960,893
5,696,893
Amortisation charged for the year
337,714
651,212
988,926
At 30 April 2024
3,073,714
3,612,105
6,685,819
Carrying amount
At 30 April 2024
84,428
692,283
776,711
At 30 April 2023
422,142
1,083,341
1,505,483
12
Tangible fixed assets
Freehold and land building
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023
345,000
3,259,330
75,097
3,679,427
Additions
-
0
68,950
-
0
68,950
At 30 April 2024
345,000
3,328,280
75,097
3,748,377
Depreciation and impairment
At 1 May 2023
34,500
3,075,898
35,463
3,145,861
Depreciation charged in the year
8,626
84,460
25,030
118,116
At 30 April 2024
43,126
3,160,358
60,493
3,263,977
Carrying amount
At 30 April 2024
301,874
167,922
14,604
484,400
At 30 April 2023
310,500
183,432
39,634
533,566

The company's freehold property was externally valued in 2019 by Grant Stanley, Chartered Surveyors, on an open market existing use basis. The directors are satisfied that the net book value at the balance sheet date is not materially different to the current market value.

 

The carrying value of the freehold land and buildings had they not been revalued was £193,378 represented by original cost of £223,036 and accumulated depreciation of £29,658.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
886
886
Listed investments
453,284
461,332
Other investments
273,694
269,183
727,864
731,401
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Other
Total
£
£
£
£
Cost or valuation
At 1 May 2023
886
461,332
269,183
731,401
Additions
-
9,997
4,610
14,607
Revaluations
-
34,185
(99)
34,086
Disposals
-
(52,230)
-
(52,230)
At 30 April 2024
886
453,284
273,694
727,864
Carrying amount
At 30 April 2024
886
453,284
273,694
727,864
At 30 April 2023
886
461,332
269,183
731,401
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Ingenium IDS Limited
1
Dormant
A,B,C
100.00
0
ProMark Media Limited
1
Dormant
Ordinary
100.00
0
U.K. Construction Media Limited
1
Dormant
Ordinary
100.00
0
BIP Supply Chain Solutions Ireland Limited
2
Dormant
Ordinary
100.00
0
Registered Office addresses:
1
Pacific House, Pacific Way, Salford, England, M50 1DR
2
1st Floor, 9 Exchange Place I.F.S.C., Dublin, D01 X8H2
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,435,828
2,933,572
Other debtors
581,977
831,946
Prepayments and accrued income
746,333
742,939
4,764,138
4,508,457
16
Current asset investments
2024
2023
£
£
Fixed term deposits
4,462,015
4,008,364
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
708,638
633,882
Amounts owed to group undertakings
567
567
Corporation tax
101,440
-
0
Other taxation and social security
832,507
844,001
Other creditors
558,407
642,944
Accruals and deferred income
5,053,993
4,846,272
7,255,552
6,967,666

Amounts owed to group undertakings are unsecured, repayable on demand and are not subject to interest.

18
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
2,411,869
1,838,214
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
192,536
326,487
Short term timing differences
(99,460)
(46,269)
93,076
280,218
2024
Movements in the year:
£
Liability at 1 May 2023
280,218
Credit to profit or loss
(187,142)
Liability at 30 April 2024
93,076
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,829
183,100

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.

21
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary A of £1 each
10
10
9,990 Ordinary B of £1 each
9,990
9,990
10,000
10,000

All shares rank pari passu in all regards with the exception of entitlement to dividends.

BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
22
Reserves

The company's capital and reserves are as follows:

 

Called up share capital

 

Called up share capital represents the nominal value of the shares issued.

 

Share premium

 

The share premium account includes the premium on issue of equity shares, net of any issue costs.

 

Revaluation reserve

 

The revaluation reserve comprises the cumulative unrealised surpluses on revaluation of freehold land and buildings.

 

Profit and loss account

 

Reflects the retained earnings of the company less dividends paid or payable.

23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
554,920
554,920
Between two and five years
1,928,932
2,215,224
In over five years
-
0
270,148
2,483,852
3,040,292
BIP SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The company paid dividends of £360,000 (2023: £350,000) to its parent company, B.I.P. (Holdings) Limited in the year.

 

Included within other debtors is a balance receivable from Medius Suites Limited of £577,636 (2023: £805,645), interest of £22,979 (2023 - £23,692) was charged on this balance in the year. RL Burges and S Burges are directors of Medius Suites Limited. During the year a rent expense of £92,142 (2023: £78,434) was paid to this company. The company also recharged salaries of £15,563 (2023: £15,563) and paid dividends of £775,000 (2023: £850,000) to Medius Suites Limited in the year.

 

The company paid rent of £436,480 (2023: £400,647) to the BiP Retirement Plan and £44,516 (2023: £44,516) to R L Burges, a director of the company. At 30 April 2024 there was a prepaid amount of £nil (2023: £459) in respect of rent paid to the BiP Retirement Plan.

 

There is a trade creditors balance of £nil (2023: £5,400) due to MCP International Limited, a company controlled by J McPhillimy, a company director. During the year, MCP International Limited rendered services totalling £18,000 (2023: £18,000) to the company.

25
Ultimate controlling party

The immediate parent company is B.I.P. (Holdings) Limited, a company registered in England.

 

The largest and smallest group into which the results of the company are consolidated is that headed by B.I.P. (Holdings) Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House.

 

The ultimate controlling party is R L Burges by virtue of his majority shareholding in B.I.P. (Holdings) Limited.

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