Company registration number 08877584 (England and Wales)
BRANDPATH GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BRANDPATH GROUP LIMITED
COMPANY INFORMATION
Director
P Jones CBE
Mr S Resnick
Ms N J Frow
Ms I Ramírez Núñez
Company number
08877584
Registered office
Solstice House
251 MidSummer Boulevard
Milton Keynes
MK9 1EA
Auditors
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BRANDPATH GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
BRANDPATH GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

 

This report is provided as a comprehensive report on the group's business strategy. The objectives of this report are to provide shareholders and other users of these statements:

 

The group's objectives and strategy

The group's objective was to provide Supply Chain solutions to global brands helping them sell more of their products and services, faster and more cost effectively in more territories than any other competitor.

Business review

Brandpath Group had a successful year, posting a profit before tax and growing operating profit by 11%. The group also expanded its global footprint by opening a new facility in the APAC region. Brandpath delivered a healthy EBITDA profit and continued to invest throughout the year in line with its long-term strategy for growth.

 

On 22nd November 2024, DHL Supply Chain International Holdings B.V. acquired a controlling interest in the Brandpath Group.

Summary

In regular monitoring of financial reporting, the directors assess the group’s development against both prior year and forecast. The forecasts are prepared annually and reviewed regularly for continuing appropriateness given strategic developments in the group’s business. Key financial performance measures include revenue, gross profit and profitability.

 

During the year the group generated:

Turnover: £12,161,001 (2023 - £14,650,943)

Gross profit: £3,235,201 (2023 - £3,402,698)

EBITDA: £950,897 (2023 - £872,694)

 

Continuing to expand its international footprint provides the group with even more growth opportunities in the coming years and its strategically important for Brandpath's long-term potential.

Principal risks and uncertainty

The directors consider that the below are the principal risks that could potentially materially impair the group’s future operations and profitability:

 

Financial instruments

The group uses various financial instruments including cash, equity investments, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is manage the financing of the group's operations.

 

The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

 

The main risks arising from the group's financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

BRANDPATH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainty (continued)

 

Liquidity risk

The group seeks to manage liquidity risk by undertaking prudent cashflow forecasting, ensuring that adequate facilities are in place and maintained, and generating positive cashflows in order to meet foreseeable needs and to invest cash assets safely and profitably.

 

Credit risk

The group's principal financial assets are cash, trade debtors, and amounts due from group undertakings. The principal credit risk arises from its trade debtors. The directors closely monitor the wider groups operations to mitigate any credit risk.

Recruitment and employee relations

The group's performance relies on the selection, development and retention of highly talented employees. Wherever possible the company attempts to promote from within in order to develop staff and create opportunities for career development.

 

Maintaining the quality when hiring is ensured through utilising the group's own tools and skills in the selection and assessment process. The group maintains a preferred supplier list of agencies that can be utilised to cover peaks in workload. These are carefully selected and their outputs closely monitored to ensure there is no variation in standards.

 

Recruitment policies are designed to ensure equal opportunity of employment regardless of age, race or sex. Appropriate consideration is given to disabled applicants in offering employment.

 

Good relations are maintained with employees by regular meetings within their operational teams compatible with the teams' particular circumstances. Senior management are kept informed through regular monthly or more frequent meetings as required.

On behalf of the board

Ms I Ramírez Núñez
Ms N J Frow
Director
Director
31 January 2025
BRANDPATH GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of the provision of eFulfilment and supply chain solutions.

Results and dividends

The results for the year are set out on page 8.

 

Going concern

The Directors have assessed the liquidity requirements for the Company for at least the next 12 months from the date of approval of these financial statements. In addition to this, the Directors have received assurance of continued financial support from an appropriate related party for at least 12 months from the date of approving these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

 

Further details are given in note 2.

Director

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

T Haines
(Resigned 22 November 2024)
P Jones CBE
Mr S Resnick
(Appointed 22 November 2024)
Ms N J Frow
(Appointed 22 November 2024)
Ms I Ramírez Núñez
(Appointed 22 November 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that CLA Evelyn Partners Limited be reappointed as auditor of the group will be put at a General Meeting.

BRANDPATH GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

Additional disclosures required under SI 2008/410. Sch. 7 have been made in the strategic report where applicable.true

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Ms I Ramírez Núñez
Ms N J Frow
Director
Director
31 January 2025
BRANDPATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRANDPATH GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Brandpath Group Limited, (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is 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:

BRANDPATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRANDPATH GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

BRANDPATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRANDPATH GROUP LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Keir Singleton (Senior Statutory Auditor)
For and on behalf of CLA Evelyn Partners Limited
31 January 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BRANDPATH GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,161,001
14,650,943
Cost of sales
(8,925,800)
(11,248,245)
Gross profit
3,235,201
3,402,698
Administrative expenses
(2,616,208)
(2,671,227)
Other operating income
11,397
-
Exceptional relocation expenses
4
-
0
(162,867)
Operating profit
5
630,390
568,604
Interest receivable and similar income
8
371
114
Interest payable and similar expenses
9
(606,411)
(536,167)
Amounts written off investments
10
-
18,617
Restructuring of intercompany
-
0
(276,274)
Profit/(loss) before taxation
24,350
(225,106)
Tax on profit/(loss)
11
(127,585)
156,057
Loss for the financial year
24
(103,235)
(69,049)
Loss for the financial year is all attributable to the owners of the parent company.
BRANDPATH GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Loss for the year
(103,235)
(69,049)
Other comprehensive income
Currency translation loss taken to retained earnings
(27,283)
(69,796)
Total comprehensive income for the year
(130,518)
(138,845)
Total comprehensive income for the year is all attributable to the owners of the parent company.
BRANDPATH GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
388,881
496,462
Current assets
Debtors
16
4,959,142
5,378,075
Cash at bank and in hand
144,122
568,177
5,103,264
5,946,252
Creditors: amounts falling due within one year
17
(10,237,272)
(8,501,466)
Net current liabilities
(5,134,008)
(2,555,214)
Total assets less current liabilities
(4,745,127)
(2,058,752)
Creditors: amounts falling due after more than one year
18
(1,623,360)
(4,179,217)
Net liabilities
(6,368,487)
(6,237,969)
Capital and reserves
Called up share capital
23
-
0
-
0
Capital contribution account
24
661,425
661,425
Exchange reserves
24
(1,612,215)
(1,612,215)
Profit and loss reserves
24
(5,417,697)
(5,287,179)
Total equity
(6,368,487)
(6,237,969)
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Ms I Ramírez Núñez
Ms N J Frow
Director
Director
BRANDPATH GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
250,005
250,005
Current assets
Debtors
16
5,152,571
7,200,313
Creditors: amounts falling due within one year
17
(4,331,216)
(3,377,393)
Net current assets
821,355
3,822,920
Total assets less current liabilities
1,071,360
4,072,925
Creditors: amounts falling due after more than one year
18
(1,623,360)
(4,103,680)
Net liabilities
(552,000)
(30,755)
Capital and reserves
Called up share capital
23
-
0
-
0
Other reserves
24
54,404
54,404
Profit and loss reserves
24
(606,404)
(85,159)
Total equity
(552,000)
(30,755)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £521,246 (2023 - £161,691 loss).

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Ms I Ramírez Núñez
Ms N J Frow
Director
Director
Company Registration No. 08877584
BRANDPATH GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
677,435
(1,612,215)
(5,148,334)
(6,083,114)
Year ended 30 April 2023:
Loss for the year
-
-
(69,049)
(69,049)
Other comprehensive income:
Currency translation differences
-
-
(69,796)
(69,796)
Total comprehensive income for the year
-
-
(138,845)
(138,845)
Other movements
(16,010)
-
-
(16,010)
Balance at 30 April 2023
661,425
(1,612,215)
(5,287,179)
(6,237,969)
Year ended 30 April 2024:
Loss for the year
-
-
(103,235)
(103,235)
Other comprehensive income:
Currency translation differences
-
-
(27,283)
(27,283)
Total comprehensive income for the year
-
-
(130,518)
(130,518)
Balance at 30 April 2024
661,425
(1,612,215)
(5,417,697)
(6,368,487)
BRANDPATH GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
-
0
54,404
76,532
130,936
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(161,691)
(161,691)
Balance at 30 April 2023
-
0
54,404
(85,159)
(30,755)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
(521,245)
(521,245)
Balance at 30 April 2024
-
0
54,404
(606,404)
(552,000)
BRANDPATH GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,031,024
640,614
Interest paid
(606,411)
(3,285)
Income taxes paid
(89,999)
-
Net cash inflow from operating activities
1,334,614
637,329
Investing activities
Purchase of tangible fixed assets
(43,423)
(182,737)
Interest received
371
114
Net cash used in investing activities
(43,052)
(182,623)
Financing activities
Proceeds from new bank loans
-
6,584,000
Repayment of bank loans
(2,396,987)
(5,035,842)
Payment of finance leases obligations
(86,331)
(75,973)
Net cash (used in)/generated from financing activities
(2,483,318)
1,472,185
Net (decrease)/increase in cash and cash equivalents
(1,191,756)
1,926,891
Cash and cash equivalents at beginning of year
(243,264)
(2,100,359)
Effect of foreign exchange rates
(9,043)
(69,796)
Cash and cash equivalents at end of year
(1,444,063)
(243,264)
Relating to:
Cash at bank and in hand
144,122
568,177
Bank overdrafts included in creditors payable within one year
(1,588,185)
(811,441)
BRANDPATH GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
2,617,297
(6,577,770)
Interest paid
(473,859)
(6,230)
Net cash inflow/(outflow) from operating activities
2,143,438
(6,584,000)
Financing activities
Proceeds from new bank loans
-
6,584,000
Repayment of bank loans
(2,396,987)
-
Net cash (used in)/generated from financing activities
(2,396,987)
6,584,000
Net (decrease)/increase in cash and cash equivalents
(253,549)
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
(253,549)
-
0
Relating to:
Bank overdrafts included in creditors payable within one year
(253,549)
-
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Brandpath Group Limited, (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Solstice House, 251 MidSummer Boulevard, Milton Keynes, MK9 1EA.

 

The group consists of Brandpath Group Limited, and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The consolidated group financial statements consist of the financial statements of the parent company Brandpath Group Limited, together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

The Directors have assessed the liquidity requirements for the Company for at least the next 12 months from the date of approval of these financial statements. In addition to this, the Directors have received assurance of continued financial support from an appropriate related party for at least 12 months from the date of approving these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the rendering of services in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised when the service is provided.

1.4
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.

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

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

Fixtures and fittings
20% straight line
Computers
15-33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.7
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement.

BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.8
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.

1.9
Retirement benefits

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

1.10
Leases

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

 

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

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

1.11
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.

BRANDPATH GROUP 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 group’s accounting policies, the director is 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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Going concern

The Directors have assessed the liquidity needs of the Company and judged the financial statements are to be prepared on a going concern basis. They have considered the level of losses incurred and the future profitability of the trading Companies within the Group.

Deferred tax

The directors have assessed the future profitability of the company and have recognised a deferred tax asset in respect of tax losses on the basis that this will be recoverable.

Key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Provision against trade debtors

Trade debtors are assessed at the year end for recoverability based on historical performance and known issues with customers at the year end.  At the year end the company was due an amount from A1 Communications Limited, a company which has entered administration, of £522,016.  When assessing the recoverability of the amount due, management have considered the anticipated recovery from the administrators as well as the expected recoverability from assets Brandpath UK Limited hold in their warehouse and which a lien can be exercised on.  Management expects that, through these two routes, the majority, if not all, of the receivable will be recovered.  However, given the uncertain outcome of the administration and the sale of assets which the company can exercise a lien, this is considered to be a significant estimate to the company.

 

BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Supply Chain Solutions
12,161,001
13,633,429
Management fees recievable
-
1,017,514
12,161,001
14,650,943
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,733,221
9,911,516
Europe
1,251,319
704,184
Asia Pacific
3,176,461
4,035,243
12,161,001
14,650,943
2024
2023
£
£
Other income
Interest income
371
114
4
Exceptional item
2024
2023
£
£
Expenditure
Partial relocation expenses
-
162,867
-
162,867

During 2022 the warehouse was relocated resulting in a large amount of removal costs throughout 2022 and 2023.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,565
(53,053)
Fees payable to the group's auditor for the audit of the group's financial statements
14,000
12,000
Depreciation of owned tangible fixed assets
116,540
106,568
Depreciation of tangible fixed assets held under finance leases
38,636
34,655
Operating lease charges
2,141,213
2,371,067
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,000
23,000
Audit of the financial statements of the company's subsidiaries
20,650
15,000
34,650
38,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
2
2
-
-
Operations & Admin
73
83
-
-
Total
75
85
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,743,904
2,905,417
-
0
-
0
Social security costs
179,330
194,265
-
-
Pension costs
60,545
52,869
-
0
-
0
2,983,779
3,152,551
-
0
-
0
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
371
114
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
371
114
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
473,859
6,230
Other finance costs:
Other interest
132,552
529,937
Total finance costs
606,411
536,167
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of investments
-
18,617
11
Taxation
2024
2023
£
£
Current tax
Overseas corporation tax on profits for the current period
3,313
165,734
Adjustments in respect of prior periods
(727)
(26,172)
Total overseas current tax
2,586
139,562
Deferred tax
Origination and reversal of timing differences
124,999
(295,619)
Total tax charge/(credit)
127,585
(156,057)
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 23 -

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

2024
2023
£
£
Profit/(loss) before taxation
24,350
(225,106)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
6,088
(42,770)
Tax effect of expenses that are not deductible in determining taxable profit
1,615
2,419
Change in unrecognised deferred tax assets
130,312
30,721
Effect of change in corporation tax rate
-
(70,947)
Permanent capital allowances in excess of depreciation
-
(16,264)
Depreciation on assets not qualifying for tax allowances
2,424
1,842
Effect of overseas tax rates
(12,854)
(61,052)
Deferred tax adjustments in respect of prior years
-
0
(6)
Taxation charge/(credit)
127,585
(156,057)

An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantially enacted on 24 May 2021. This will increase the Company's future tax charge accordingly and increase the deferred tax balance, although the extent of this effect cannot be quantified exactly.

BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
602,577
177,040
779,617
Additions
39,881
3,542
43,423
Disposals
(52,019)
(52,204)
(104,223)
Exchange adjustments
(10,076)
34,726
24,650
At 30 April 2024
580,363
163,104
743,467
Depreciation and impairment
At 1 May 2023
164,874
118,281
283,155
Depreciation charged in the year
115,672
39,504
155,176
Eliminated in respect of disposals
(52,019)
(52,204)
(104,223)
Exchange adjustments
13,000
7,478
20,478
At 30 April 2024
241,527
113,059
354,586
Carrying amount
At 30 April 2024
338,836
50,045
388,881
At 30 April 2023
437,703
58,759
496,462
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Fixtures and fittings
119,888
158,524
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
250,005
250,005
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
250,005
Carrying amount
At 30 April 2024
250,005
At 30 April 2023
250,005
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Brandpath BV
Netherlands
Dormant
Ordinary
100.00
-
Brandpath APAC PTE Ltd
Singapore
eFulfilment Solutions
Ordinary
100.00
-
Brandpath Inc
US
Dormant
Ordinary
100.00
-
Brandpath Group Limited
Jersey
Holding company
Ordinary
100.00
-
Brandpath UK Limited
UK
eFulfilment Solutions
Ordinary
0
100.00
Brandpath APAC Limited
Hong Kong
eFulfilment Solutions
Ordinary
0
100.00
Brandpath SAS
France
eFulfilment Solutions
Ordinary
0
100.00
RCK Communications Limited
Hong Kong
Dormant
Ordinary
100.00
-
BP TW Limited
Hong Kong
Dormant
Ordinary
0
100.00
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,213,911
3,510,340
5,138,383
7,200,313
Carrying amount of financial liabilities
Measured at amortised cost
11,340,718
11,895,083
5,954,576
7,481,073
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,322,688
2,579,628
-
0
-
0
Amounts owed by immediate group undertakings
-
-
5,138,383
7,195,314
Other debtors
971,531
1,028,705
-
0
4,999
Prepayments and accrued income
635,123
614,943
14,188
-
0
3,929,342
4,223,276
5,152,571
7,200,313
Amounts falling due after more than one year:
Deferred tax asset (note 21)
1,029,800
1,154,799
-
0
-
0
Total debtors
4,959,142
5,378,075
5,152,571
7,200,313
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and finance facilities
19
4,151,838
3,291,761
2,817,202
2,480,320
Obligations under finance leases
20
63,319
74,113
-
0
-
0
Trade creditors
1,508,455
1,740,753
11,269
-
0
Amounts owed to immediate group undertakings
2,834,982
1,033,339
1,491,345
889,073
Overseas tax payable
163,430
250,843
-
0
-
0
Other taxation and social security
356,484
534,757
-
-
Other creditors
1,018,470
1,305,857
-
0
-
0
Accruals and deferred income
140,294
270,043
11,400
8,000
10,237,272
8,501,466
4,331,216
3,377,393

Included in bank loans and finance facilities is £387,796 (2023 - £810,942) which relates to an invoice financing facility provided by HSBC Invoice Finance (UK) Limited. Amounts are secured against the trade debtors of the subsidiary. The loan was repaid in full in November 2024.

 

Included within bank loans is £2,563,653 (2023 - £2,480,320) which relates to a loan taken out in April 2023, the loan includes term and revolving facilities. Term A is repayable on 10 May 2025 and term B on 17 April 2024 . Interest is charged at a rate of 3.50% over the Bank of England Base Rate per annum. The loan was repaid in full in November 2024.

 

Included in obligations under finance leases is £63,319 (2023 - £74,113) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

 

Amounts owed to group undertakings are interest free and repayable on demand.

BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and finance facilities
19
1,623,360
4,103,680
1,623,360
4,103,680
Obligations under finance leases
20
-
0
75,537
-
0
-
0
1,623,360
4,179,217
1,623,360
4,103,680

Included within bank loans is £1,623,360 (2023 - £4,103,680) which relates to a loan taken out in April 2023, the loan includes term and revolving facilities. Term A is repayable on 10 May 2025 and term B on 17 April 2024. Interest is charged at a rate of 3.50% over the Bank of England Base Rate per annum. The loan was repaid early, in full, in November 2024.

 

Included in obligations under finance leases is £nil (2023 - £75,537) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

 

 

19
Loans and finance facilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,187,013
6,584,000
4,187,013
6,584,000
Finance facilities
1,588,185
811,441
253,549
-
0
5,775,198
7,395,441
4,440,562
6,584,000
Payable within one year
4,151,838
3,291,761
2,817,202
2,480,320
Payable after one year
1,623,360
4,103,680
1,623,360
4,103,680

The bank loans are secured by a group guarantee from immediate group companies Brandpath UK Limited and Brandpath Group Limited. This is in the form of a debenture comprising of fixed and floating charges over all assets. The bank loans are also secured by a guarantee from a related party for all liabilities limited to £5,000,000. The loans were repaid, in full, in November 2024.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
63,319
74,113
-
0
-
0
In two to five years
-
0
75,537
-
0
-
0
63,319
149,650
-
-
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Finance lease obligations
(Continued)
- 28 -

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

21
Deferred taxation

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

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
18,973
9,461
Tax losses
1,002,473
1,142,794
Retirement benefit obligations
8,354
2,544
1,029,800
1,154,799
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(1,154,799)
-
Charge to profit or loss
124,999
-
Asset at 30 April 2024
(1,029,800)
-

The deferred tax asset set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and tax losses carried forward 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
60,545
52,869

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 1p
1
1
-
-
1
1
-
-
24
Reserves
Other reserves

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into Sterling (£).

Capital contribution account

The capital contribution account arose on the gain on acquisition of a subsidiary as part of a reorganisation of the wider group. This reserve is not distributable.

25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
2,018,219
2,016,421
-
-
Between two and five years
2,753,951
2,585,449
-
-
In over five years
106,997
642,087
-
-
4,879,167
5,243,957
-
-
Lessor

The operating lease represents a lease of leasehold property to a third party. The lease is negotiated over a term of 5 years and rentals are fixed for 5 years. Brandpath UK Limited are party to this agreement as a lessee to an ultimate lessor.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
212,535
212,535
-
-
Between two and five years
521,146
733,681
-
-
733,681
946,216
-
-
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
26
Related party transactions
Transactions with related parties

Directors who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Payments to third parties for directors' contracts for services are disclosed in note 8. Directors are also remunerated by related parties of the group.

27
Controlling party

The directors consider the immediate parent undertaking of this company to be PJ Investment Group Limited, which is registered in Jersey. The directors consider the ultimate parent undertaking to be PJIG Holdings Limited which is registered in Jersey.

 

The ultimate controlling party of the company is P Jones CBE as a result of being the sole shareholder in the ultimate parent company PJIG Holdings Limited.

 

Post year end on 22 November 2024 the immediate parent was sold, the new ultimate controlling party is DHL Supply Chain International Holdings B.V.

 

28
Charges and guarantees

Brandpath Group Limited and Brandpath UK Limited and other members of the group have entered into a cross guarantee in favour of HSBC pursuant to which they will each guarantee obligations and liabilities of Brandpath Group Limited under the loan facility, among other things. This guarantee was satisfied in November 2024 when the related liabilities were repaid.

 

 

29
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(103,235)
(69,049)
Adjustments for:
Taxation charged/(credited)
127,585
(156,057)
Finance costs
606,411
536,167
Investment income
(371)
(114)
Restructure of intercompany
-
0
276,274
Depreciation and impairment of tangible fixed assets
155,176
141,223
Other gains and losses
-
(18,617)
Movements in working capital:
Decrease/(increase) in debtors
293,934
(1,139,627)
Increase in creditors
951,524
1,070,414
Cash generated from operations
2,031,024
640,614
BRANDPATH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
30
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Loss for the year after tax
(521,245)
(161,691)
Adjustments for:
Finance costs
473,859
6,230
Other gains and losses
-
120,000
Movements in working capital:
Decrease/(increase) in debtors
2,047,742
(7,320,313)
Increase in creditors
616,941
778,004
Cash generated from/(absorbed by) operations
2,617,297
(6,577,770)
31
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
568,177
(424,055)
144,122
Bank facilities
(811,441)
(776,744)
(1,588,185)
(243,264)
(1,200,799)
(1,444,063)
Borrowings excluding overdrafts
(6,584,000)
2,396,987
(4,187,013)
Obligations under finance leases
(149,650)
86,331
(63,319)
(6,976,914)
1,282,519
(5,694,395)
32
Analysis of changes in net debt - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Bank overdrafts
-
0
(253,549)
(253,549)
Borrowings excluding overdrafts
(6,584,000)
2,396,987
(4,187,013)
(6,584,000)
2,143,438
(4,440,562)
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.100T HainesA DevineP Jones CBEA Leonfalse08877584bus:Consolidated2023-05-012024-04-30088775842023-05-012024-04-3008877584bus:Director12023-05-012024-04-30088775842024-04-3008877584bus:Consolidated2022-05-012023-04-3008877584bus:Consolidated12023-05-012024-04-3008877584bus:Consolidated12022-05-012023-04-30088775842022-05-012023-04-3008877584core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-05-012024-04-3008877584core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-05-012023-04-3008877584bus:Consolidated2024-04-3008877584bus:Consolidated2023-04-3008877584core:FurnitureFittingsbus:Consolidated2024-04-3008877584core:ComputerEquipmentbus:Consolidated2024-04-3008877584core:FurnitureFittingsbus:Consolidated2023-04-3008877584core:ComputerEquipmentbus:Consolidated2023-04-3008877584core:ShareCapitalbus:Consolidated2024-04-3008877584core:ShareCapitalbus:Consolidated2023-04-3008877584core:CapitalRedemptionReservebus:Consolidated2024-04-3008877584core:CapitalRedemptionReservebus:Consolidated2023-04-3008877584core:OtherMiscellaneousReservebus:Consolidated2024-04-3008877584core:OtherMiscellaneousReservebus:Consolidated2023-04-3008877584core:ShareCapital2024-04-3008877584core:ShareCapital2023-04-3008877584core:OtherMiscellaneousReserve2024-04-3008877584core:OtherMiscellaneousReserve2023-04-3008877584core:RetainedEarningsAccumulatedLosses2024-04-3008877584core:CapitalRedemptionReservebus:Consolidated2022-04-3008877584core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-3008877584core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-3008877584core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-04-3008877584core:ShareCapital2022-04-3008877584core:RetainedEarningsAccumulatedLosses2022-04-3008877584core:RetainedEarningsAccumulatedLosses2023-04-30088775842023-04-3008877584bus:Consolidated2022-04-30088775842022-04-3008877584core:FurnitureFittings2023-05-012024-04-3008877584core:ComputerEquipment2023-05-012024-04-3008877584core:UKTaxbus:Consolidated2023-05-012024-04-3008877584core:UKTaxbus:Consolidated2022-05-012023-04-3008877584core:FurnitureFittingsbus:Consolidated2023-04-3008877584core:ComputerEquipmentbus:Consolidated2023-04-3008877584bus:Consolidated2023-04-3008877584core:FurnitureFittingsbus:Consolidated2023-05-012024-04-3008877584core:ComputerEquipmentbus:Consolidated2023-05-012024-04-3008877584core:FurnitureFittings2024-04-3008877584core:FurnitureFittings2023-04-3008877584core:Subsidiary12023-05-012024-04-3008877584core:Subsidiary22023-05-012024-04-3008877584core:Subsidiary32023-05-012024-04-3008877584core:Subsidiary42023-05-012024-04-3008877584core:Subsidiary52023-05-012024-04-3008877584core:Subsidiary62023-05-012024-04-3008877584core:Subsidiary72023-05-012024-04-3008877584core:Subsidiary82023-05-012024-04-3008877584core:Subsidiary92023-05-012024-04-3008877584core:Subsidiary112023-05-012024-04-3008877584core:Subsidiary212023-05-012024-04-3008877584core:Subsidiary312023-05-012024-04-3008877584core:Subsidiary412023-05-012024-04-3008877584core:Subsidiary512023-05-012024-04-3008877584core:Subsidiary612023-05-012024-04-3008877584core:Subsidiary712023-05-012024-04-3008877584core:Subsidiary812023-05-012024-04-3008877584core:Subsidiary912023-05-012024-04-3008877584core:CurrentFinancialInstruments2024-04-3008877584core:CurrentFinancialInstruments2023-04-3008877584core:CurrentFinancialInstrumentsbus:Consolidated2024-04-3008877584core:CurrentFinancialInstrumentsbus:Consolidated2023-04-3008877584core:Non-currentFinancialInstrumentsbus:Consolidated2024-04-3008877584core:Non-currentFinancialInstrumentsbus:Consolidated2023-04-3008877584core:Non-currentFinancialInstruments2024-04-3008877584core:Non-currentFinancialInstruments2023-04-3008877584core:WithinOneYearbus:Consolidated2024-04-3008877584core:WithinOneYearbus:Consolidated2023-04-3008877584core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3008877584core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3008877584core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-04-3008877584core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-04-3008877584core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3008877584core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3008877584core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-04-3008877584core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-04-3008877584core:WithinOneYear2024-04-3008877584core:WithinOneYear2023-04-3008877584core:BetweenTwoFiveYearsbus:Consolidated2024-04-3008877584core:BetweenTwoFiveYearsbus:Consolidated2023-04-3008877584core:BetweenTwoFiveYears2024-04-3008877584core:BetweenTwoFiveYears2023-04-3008877584bus:PrivateLimitedCompanyLtd2023-05-012024-04-3008877584bus:FRS1022023-05-012024-04-3008877584bus:Audited2023-05-012024-04-3008877584bus:ConsolidatedGroupCompanyAccounts2023-05-012024-04-3008877584bus:Director22023-05-012024-04-3008877584bus:Director32023-05-012024-04-3008877584bus:Director42023-05-012024-04-3008877584bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP