Company registration number 07301278 (England and Wales)
BB LEGAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BB LEGAL LIMITED
COMPANY INFORMATION
Directors
Mr M J Foxford
Ms C L MacCracken
Mr P E Pickering
Secretary
Mr P E Pickering
Company number
07301278
Registered office
Merchant House
38, 44 & 46 Avenham Street
Preston
PR1 3BN
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BB LEGAL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
BB LEGAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

Vision for the Future

 

At BB Legal, our forward strategy is built on the solid foundation of our legacy while dynamically embracing the evolving legal services landscape. Our focus is to provide exceptional service, uphold the highest quality standards, and attract and retain clients by investing significantly in our people and cutting-edge technologies. With a commitment to efficient and data-driven planning, we aim to enhance our strengths, foster growth, and sustain our leadership in the market.

 

Diverse Services and Innovative Delivery

 

We offer a comprehensive range of legal services, including Residential Conveyancing, Clinical Negligence, Commercial Property, Relationship and Family Law, and Private Client Services. Our commitment to continuous improvement and innovation keeps us at the forefront of industry trends. By integrating advanced digital and electronic methods, we deliver highly personalised legal services of the highest quality. We adapt to the evolving market with structural changes that enhance efficiency and reduce unnecessary administration, ensuring we exceed our clients' and stakeholders' expectations.

 

Navigating the Competitive Market

 

Our focus is delivering reliable and accessible legal representation in the competitive UK legal market. We proactively address challenges such as the volatility of the residential conveyancing market and changes in government policy, demonstrating our resilience and commitment to our clients. Understanding the significance of cost sensitivity in our client's decision-making process, we provide high-quality, accessible, and affordable services. This approach reinforces our market position and fosters client engagement and retention.

 

Client-Centric Focus

 

BB Legal's client strategy is rooted in exceptional service and unwavering dedication to our clients. Our "Always There" tagline embodies our commitment to supporting clients throughout their legal journeys. We take pride in our Law Society accreditations and highly value client feedback, which drives continuous improvement in our services. Our Client Services Team provides support and enhances services based on valuable customer feedback, earning us prestigious awards and commendations. By leveraging innovative processes and technologies, we ensure seamless communication and superior service, aiming to build lifelong relationships with our clients through a comprehensive portfolio of services.

 

Investing in Our People

 

Our people are the cornerstone of BB Legal's success. We are dedicated to nurturing their growth, honing their skills, and making their expertise readily available to our clients. With an inclusive, respectful, and diverse working environment, we inspire our team to excel. Our commitment to employee development includes customised training programs, attractive compensation and benefits, and promoting a healthy work-life balance through hybrid working. By supporting personal and professional growth, we empower our workforce to remain motivated and committed, driving our business's success.

 

BB LEGAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Fair Review of the Business continued

Embracing Technology

 

Enhancing our organisational agility through IT advancements is at the heart of our service delivery model. We have significantly improved our core systems and incorporated cutting-edge technologies to refine the accessibility and efficiency of our services. These IT advancements are driven by our commitment to providing an unparalleled client experience, cementing our position as leaders in innovation and client service within the legal industry.

 

Community Engagement

 

With offices across the Northwest, building solid relationships with local communities is integral to our culture. Our "Always There" promise extends to supporting local charities through fundraising, volunteering, and event sponsorship. BB Legal's engagement goes beyond financial contributions; our solicitors provide legal advice to local communities, work with charitable trusts, and support local schools and colleges during Career and Future Learning Fairs. Our partnership with the sight loss charity Galloway’s Society for the Blind has allowed us to share regional offices and reduce facility expenses. Annually, we select a local charity to make a meaningful impact on people's lives.

 

Recognitions and Reviews

 

We are proud of our Law Society accreditations and recognition from various trade bodies. Despite significant competition, BB Legal has been honoured with multiple awards, including commendations at the Modern Law Conveyancing and British Conveyancing Awards. Our top ratings on review websites like Trust Pilot testify to our colleagues' hard work and commitment across all business areas.

 

Confident Future

 

BB Legal's future is bright. Our adaptable and forward-thinking practices will ensure our success despite market competition and economic uncertainty. We remain steadfast in our direction and strategy, confident in our ability to thrive and continue providing exceptional legal services.

 

BB LEGAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Financial Key Performance Indicators

Financial Key Performance Indicators

 

Management continues to monitor and report on top-line turnover and "adjusted EBITDA." Adjusted EBITDA is defined as profits before interest payable, taxation, depreciation, and amortisation. This measure excludes interest received from the traditional EBITDA definition because this part of income does not correlate directly with business performance or funding.

 

Considering the impact of the business split in 2022 and the volatility within the residential property market in the financial year, management is pleased with the turnover and adjusted EBITDA figures for the current year.

 

Turnover - fees billed

2024 - £9,361,757

2023 - £12,483,147

2022 - £13,969,956

2021 - £12,051,073

2020 - £13,940,507        

2019 - £14,779,000    

 

Adjusted EBITDA

2024- £1,194,860

2023 - £651,208

2022 - £2,709,187

2021 - £2,010,790

2020 - £1,391,148

2019 - £1,470,770

 

 

BB LEGAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Description of Principal Risks and Uncertainties

Description of Principal Risks and Uncertainties

 

The board, with a proactive approach, is acutely aware of the potential risks associated with its current strategy. It has implemented governance practices to mitigate these risks effectively. Committed to ensuring that all risks are thoroughly assessed and addressed promptly and efficiently, the board remains vigilant in maintaining a safe and sustainable operational environment without compromising its objectives. Key identified risks are closely monitored.

 

Financial Management Risks

 

The company’s operations expose it to various financial risks, including changes in debt market prices, credit risk, liquidity risk, cash flow risk, and interest rate risk. The primary financial instruments include bank loans, overdrafts, accounts receivable, and accounts payable. Liquidity risks are actively managed through strategic short-term borrowing to finance operations, maintain stability, and improve cash flow, ensuring continuity of funding. Cash balances are held in ways that achieve competitive interest rates, and cash flow projections are utilised to manage plans and developments.

 

A robust risk management framework is in place to minimise the negative impact on financial performance. While the company does not use derivative financial instruments to manage interest rate costs or apply hedge accounting, the directors have delegated the responsibility of monitoring financial risk management to a board sub-committee, which is tasked with regular reviews and recommendations for improvement. The finance department implements the policies set by the board of directors.

 

Competition

 

The company remains acutely aware of competitive pressures and is continuously and actively working to enhance its products and services. Through regular evaluation and active marketing efforts, it strives to stay at the forefront of the industry and provide the best possible experience for its customers.

 

Employee Risks

 

The company values its employees and is committed to supporting their success through training, rewards, and promoting positive behaviours. The business continues to evolve, adopting a more flexible and streamlined structure to meet future demand effectively.

 

Economic Risks

 

The board acknowledges the risks associated with the current economic climate and constantly assesses the situation. The company regularly evaluates the demand for its key legal services to effectively adapt to changing economic conditions.

 

 

On behalf of the board

Ms C L MacCracken
Director
27 January 2025
BB LEGAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of the provision of legal services.

 

Business Environment

 

The company is one of the leading professional practices in the North West. The company's principal market is the supply of legal services to individuals and businesses. There is substantial competition within this market place from other practices both in the region and nationally.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £437,990. The directors do not recommend payment of a further dividend.

Directors

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

Mr M J Foxford
Ms C L MacCracken
Mr P E Pickering
Auditor

The auditor, MHA, are 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review, financial risk management, exposure to other risks and likely future developments.

Medium-sized companies exemption

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

On behalf of the board
Ms C L MacCracken
Director
27 January 2025
BB LEGAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -

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.

BB LEGAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BB LEGAL LIMITED
- 7 -
Opinion

We have audited the financial statements of BB Legal 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 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 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.

BB LEGAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BB LEGAL LIMITED (CONTINUED)
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the 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.

Matters on which we are required to report by exception

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

BB LEGAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BB LEGAL LIMITED (CONTINUED)
- 9 -

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

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Hain BA FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
27 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
BB LEGAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Continuing
Discontinued
30 April
Continuing
Discontinued
30 April
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
9,361,757
-
9,361,757
11,467,662
92,977
11,560,639
Administrative expenses
(9,173,319)
-
0
(9,173,319)
(10,190,825)
(1,073,275)
(11,264,100)
Other operating income
82,841
-
0
82,841
-
0
-
0
-
0
Operating profit
4
271,279
-
271,279
1,276,837
(980,298)
296,539
Interest receivable and similar income
7
881,663
-
0
881,663
306,974
6,359
313,333
Interest payable and similar expenses
8
(427,267)
-
0
(427,267)
(220,460)
(2,318)
(222,778)
Profit before taxation
725,675
-
0
725,675
1,363,351
(976,257)
387,094
Tax on profit
9
(191,733)
-
0
(191,733)
(104,790)
-
0
(104,790)
Profit for the financial year
533,942
-
0
533,942
1,258,561
(976,257)
282,304
BB LEGAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
220,652
191,763
Investments
14
102
102
220,754
191,865
Current assets
Debtors
16
6,375,744
6,614,889
Cash at bank and in hand
110,804
438,449
6,486,548
7,053,338
Creditors: amounts falling due within one year
17
(2,962,860)
(3,045,290)
Net current assets
3,523,688
4,008,048
Total assets less current liabilities
3,744,442
4,199,913
Creditors: amounts falling due after more than one year
18
(978,427)
(1,439,560)
Provisions for liabilities
Provisions
20
50,000
154,408
Deferred tax liability
21
39,456
25,338
(89,456)
(179,746)
Net assets
2,676,559
2,580,607
Capital and reserves
Called up share capital
23
1,440
1,440
Capital redemption reserve
560
560
Profit and loss reserves
2,674,559
2,578,607
Total equity
2,676,559
2,580,607

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

BB LEGAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr M J Foxford
Ms C L MacCracken
Director
Director
Mr P E Pickering
Director
Company registration number 07301278 (England and Wales)
BB LEGAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1,440
560
2,595,052
2,597,052
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
282,304
282,304
Dividends
11
-
-
(298,749)
(298,749)
Reduction of shares
23
(1,440)
-
-
0
(1,440)
Other movements
1,440
-
-
1,440
Balance at 30 April 2023
1,440
560
2,578,607
2,580,607
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
533,942
533,942
Dividends
11
-
-
(437,990)
(437,990)
Balance at 30 April 2024
1,440
560
2,674,559
2,676,559
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

BB Legal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merchant House, 38, 44 & 46 Avenham Street, Preston, PR1 3BN.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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:

 

 

The financial statements of the company are consolidated in the financial statements of MRF Legal Limited. These consolidated financial statements are available from its registered office, 5 Cambridge Road, Hale, Altrincham, England, WA15 9SY

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts as its subsidiary undertakings are dormant and their inclusion is therefore not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue for services represents the fair value of legal services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax.

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -

Legal services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. Fee income can be recognised on a number of bases. Some fee income is recognised on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Some fee income, where the services includes an indeterminate number of acts occurring, recognises revenue over the life of the service provided on a straight-line basis.

 

Unbilled fee income is included as stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on other factors outside the control of the group. Contingent fee income (over and above any agreed minimum fee which is recognised as above) is recognised in the period in which the contingent event occurs.

 

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 the directors re-assessed to be 5 years from 1 May 2015 due to the changes of the service offering of the firm.

 

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
Tangible fixed assets

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

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

Leasehold improvements
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
20% reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries 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.

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.

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

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.

1.8
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 are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 overdrafts and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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, if they are payable in more than one year.

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.

1.9
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.

1.10
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.

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
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.

Unbilled revenue

The valuation of unbilled revenue involves significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as time spent multiplied by average recovery rates, percentage completion at the reporting date multiplied by the fixed fee and expertise provided. For PI matters, where the fee arrangement is on a no win no fee basis, only matters where either damages have been received, an offer has been made or full admission has occurred are included. The directors review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is the most accurate for each department.

Claims Provision

At each balance sheet date, management undertake an assessment of any ongoing litigations or claims based upon the significance of client complaints and breaches. The firm will assess the nature of the claims and how likely they are to result in a liability to the firm. Where it is deemed likely, a claims provision will be included based on an estimate of the liability.

 

The actual level of claim monies paid may differ from the estimated provision.

Bad and doubtful debts

At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt.

 

The actual level of debt collected may differ from the estimated level of recovery.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fee Income
9,361,757
11,560,639
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
881,663
313,333
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,600
16,500
Depreciation of owned tangible fixed assets
41,918
41,912
Profit on disposal of tangible fixed assets
-
(576)
Operating lease charges
374,912
215,760
5
Employees

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

 

2024
2023
Number
Number
Directors
3
4
Fee Earners
101
117
Support staff
41
66
Total
145
187

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,820,135
6,153,807
Social security costs
469,701
439,098
Pension costs
165,191
217,988
5,455,027
6,810,893
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
245,390
305,820
Company pension contributions to defined contribution schemes
8,338
7,744
253,728
313,564

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
145,527
145,510
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
881,663
313,333
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
229,686
175,140
Dividends on redeemable preference shares not classified as equity
35,790
29,440
Other interest on financial liabilities
21,619
11,517
Interest on overdue taxataion
15,370
-
Other interest
124,802
6,681
427,267
222,778
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
180,687
73,830
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
11,046
30,960
Total tax charge
191,733
104,790

From 1 April 2023 the government have enacted changes to the corporation tax rate, increasing the main tax rate to 25% for companies with augmented profits greater than £250,000. The 25% tax rate came into effect during 2023 causing the marginal rate of 19.49% and a full year this year of 25%. For companies with augmented profits between £50,000 and £250,000 the tax due is calculated at 25% but tapered down using a marginal relief calculation.

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

2024
2023
£
£
Profit before taxation
725,675
387,094
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
181,419
75,457
Tax effect of expenses that are not deductible in determining taxable profit
10,151
22,599
Adjustments in respect of prior years
163
129
Depreciation on assets not qualifying for tax allowances
-
0
1,194
Superdeduction enhanced relief
-
0
(1,291)
Change in CT rates
-
0
6,702
Taxation charge for the year
191,733
104,790
10
Discontinued operations

On 29 September 2022, during the 2023 accounting period, an asset purchase agreement was entered into whereby the trade of the former Personal Injury and Asbestos areas of the business were transferred into a separate company called Aldsol Limited. Consideration of £4,000,000 is to be paid by Aldsol Limited to BB Legal Limited in respect of this transfer of trade. Therefore the Personal Injury and Asbestos areas of the business have been disclosed in these accounts as discontinued operations.

11
Dividends
2024
2023
£
£
Final paid
437,990
298,749
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
5,454,331
Amortisation and impairment
At 1 May 2023 and 30 April 2024
5,454,331
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
13
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
46,502
4,659
909,878
961,039
Additions
-
0
-
0
70,807
70,807
At 30 April 2024
46,502
4,659
980,685
1,031,846
Depreciation and impairment
At 1 May 2023
36,358
4,652
728,266
769,276
Depreciation charged in the year
2,535
-
0
39,383
41,918
At 30 April 2024
38,893
4,652
767,649
811,194
Carrying amount
At 30 April 2024
7,609
7
213,036
220,652
At 30 April 2023
10,144
7
181,612
191,763
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
102
102
Fixed asset investments not carried at market value

Interests in subsidiary companies are measured at cost less accumulated impairment losses.

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
15
Subsidiaries

These financial statements are separate company financial statements for BB Legal Limited.

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Accident Angels Ltd
1
Ordinary
100.00
Birchall Blackburn Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Merchant House, 38-46 Avenham Street, Preston PR1 3BN
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
523,106
629,347
Gross amounts owed by contract customers
2,844,622
2,576,947
Amounts owed by group undertakings
360,000
360,000
Other debtors
30,033
78,069
Prepayments and accrued income
276,419
262,034
4,034,180
3,906,397
Deferred tax asset (note 21)
3,072
-
0
4,037,252
3,906,397
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,338,492
2,708,492
Total debtors
6,375,744
6,614,889
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
511,200
511,200
Other borrowings
19
590,546
914,399
Trade creditors
308,161
230,646
Corporation tax
193,623
88,693
Other taxation and social security
310,282
367,102
Other creditors
509,096
500,256
Accruals and deferred income
539,952
432,994
2,962,860
3,045,290
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
728,427
1,189,560
Other borrowings
19
250,000
250,000
978,427
1,439,560
19
Loans and overdrafts
2024
2023
£
£
Bank loans
1,239,627
1,700,760
Preference shares
250,000
250,000
Other loans
590,546
914,399
2,080,173
2,865,159
Payable within one year
1,101,746
1,425,599
Payable after one year
978,427
1,439,560
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Loans and overdrafts
(Continued)
- 26 -

Of the above bank loans, £1,239,627(2023: £1,700,760) is secured 80% by the government and is also secured by a personal guarantee of £500,000 dated 2 July 2020 from the directors/ shareholders of the parent company.

 

On 9 September 2022, the company repurchased all of its 80 £5,000 irredeemable preferred ordinary shares.

 

On 29 September 2022, the company issued 50 £5,000 preferred ordinary shares. The preference shares do not carry any voting rights. The holders are entitled to a fixed cumulative preferential dividend of 6% per annum. The preference rights upon wind up or capital distribution, are limited to par plus dividend arrears. These share are redeemable by the company or the shareholder.

 

There is also a debenture held with the Bank that takes a first charge over all assets and undertakings of the business.

20
Provisions for liabilities
2024
2023
£
£
Indemnity provision
50,000
154,408
Movements on provisions:
Indemnity provision
£
At 1 May 2023
154,408
Reversal of provision
(104,408)
At 30 April 2024
50,000
21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
ACAs
39,456
28,961
-
-
Short term timing differences
-
(3,623)
3,072
-
39,456
25,338
3,072
-
BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 May 2023
25,338
Charge to profit or loss
11,046
Liability at 30 April 2024
36,384

The deferred tax asset set out above is expected to reverse after more than 12 months and relates to the utilisation of tax losses against future expected profits of the same period. Of the deferred tax liability set out above £1,888 is expected to reverse within 12 months and relates to other short term timings differences that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
165,191
217,988

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

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,440
1,440
1,440
1,440

The ordinary shares issued are non-redeemable, have full voting rights, rights to dividends and right to participate in capital distributions.

24
Financial commitments, guarantees and contingent liabilities

The company has entered into a cross company guarantee in respect of the bank borrowings with group companies. At the year end there is a potential liability of £nil (2023: £nil).

 

There are also debentures from group companies held with the Bank that takes a first charge over all assets and undertakings of the business.

 

The company has provided an unlimited guarantee in respect of the operating leases of a fellow group company. At the year end there is a potential liability of £79,050 (2023: £32,321).

BB LEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
25
Operating lease commitments
Lessee

On 1 January 2016 the company entered into a sale and leaseback with a third party, the rental payments due are included within the figures below.

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
252,712
312,920
Between two and five years
296,917
562,995
549,629
875,915
26
Events after the reporting date

On 21 May 24, a charge was registered with Lloyds Bank Plc for a fixed and floating charge over all the property and undertaking of the company.

27
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Birchall Blackburn Limited and Accident Angels Limited are wholly owned dormant subsidiaries of BB Legal Limited. No transactions took place with either company during the year.

 

Rent of £26,095 was paid into directors SIPPs in the year.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Directors
483,221
474,878

The company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with the parent and fellow subsidiary companies.

28
Ultimate controlling party

The parent company is MRF Legal Limited, a limited company registered in England and Wales. MRF Legal Limited registered office is 5 Cambridge Road, Hale, Altrincham, England, WA15 9SY. The ultimate controlling party is M Foxford.

 

Copies of the consolidated financial statements of MRF Legal Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Companies House.

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