Company registration number 11515970 (England and Wales)
IP DAILY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
IP DAILY LIMITED
COMPANY INFORMATION
Directors
Mr I M Kerrigan
Mr P J Petrella
Ms B Harding
(Appointed 17 September 2024)
Mr D Wood
(Appointed 17 September 2024)
Company number
11515970
Registered office
C/O Bishops Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
United Kingdom
BB1 5BG
Auditor
Bishops Audit Limited
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
IP DAILY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
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 - 30
IP DAILY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

 

IP Daily Limited continued to be a holding company of BBL/P Ltd.

 

BBL/P Ltd continues to grow in-line and slightly exceeding the Director’s expectations. An additional net 3 people joined the team in the period as our service provision both deepened and broadened. Once again, revenues increased whilst costs were kept under control.

Our existing services of data management, reporting and analysis, data consulting and econometrics were enhanced with additional expertise and partnerships in market research and advertising testing with a strong reliance on AI for rapid result interpretation.

Our consulting team was further augmented with specialists in brand mapping and strategy, business strategy and positioning - all with a digital ‘lens’. We will be joined in early February by a new Strategy Director, fresh from a previous role as Head of Strategy at the Apple/TBWA JV Media Arts Lab.

The Creative Innovation team also saw its capability and operations expand with ever more AI integrations, digital platform innovation, experience and service design.

The fast growing Communications team of Executive Content Producers were joined by new team members who specialise in art buying, music consultancy, rights management and archive, to add to the capabilities already in the now substantial team of advertising production and management.

In a fresh move, BBL/P now also has a team of “show runners” and their supporting writers, editors and researchers who are experienced specialists in the arena of “unscripted” content production with a focus on streamers.

All these additions to the team mean that, with reluctance, we must leave the seventeenth century townhouse in Soho that has been our home since pandemic and will relocate in spring 2025 to a more suitable building in nearby Alfred Place.

The most significant moment of the year came on the 17th of September 2024 when the business transitioned to be 100% employee owned. The former owners, the newly appointed Directors of the Operating Board and the Trustee Board and the whole team have since been excitedly adapting to new opportunities and responsibilities.

Principal risks and uncertainties

 

We have long term contracts in place with all clients but the greatest risk to the business is a reliance on one major client. We work intensively to constantly measure the performance of our team and the warmth of the relationship. Our team constantly ask themselves “what’s it like to work with us and how can we do better?”

Nevertheless, work continues to diversify the client base with some notable successes to be announced in the spring of 2025.

Another risk is the impact on service and our culture if we were to lose team members and we’re pleased to report we had no voluntary departures in the period. To mitigate the risk, we continue to invest in Learning & Development, we provide a very pleasant working environment with above market salaries and benefits.

Our greatest uncertainty is brought by the new (2024) UK government in the form of unexpected (and un-budgeted) tax rises and more complicated employment legislation. We have decided to invest in outsourced HR consultancy to bolster our internal capability in order to deal with the implications and it is likely the costs and the impositions will reduce our ambitions for growth going forward.

IP DAILY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Development and performance

 

Our performance measure is client feedback and we have received very positive commentary throughout the period. A new series of Quarterly Business Performance reviews has added a layer of welcome formality and an enhanced monitoring opportunity.

This is especially important as we add new competencies and team members whilst ensuring a continued commitment to work of the highest quality.

Key performance indicators

 

The Board are pleased with the 5.6% increase in revenue over the period and a marginal shift in gross margin from 16.1% to 15.8%.  Despite exceptional costs associated with the transition to employee ownership, profit before tax again increased YoY to £1,110k.

KPI’s have been successfully incorporated into the QBR process.

Internally, we continue with the process of “Expectations Reviews” and have established clear competency frameworks for all team members - so, for example, people have a clear sense of what’s expected of them and the benchmarks of achievement towards goals.

Our on-line HR platform has very recently changed to the much more capable “HiBob” which will enable much greater collaboration on appraisal systems and enable more detailed metrics on all aspects of employment.

Our finance KPI’s continue to focus on growth and profitability which have all seen positive movements in the period.

Other information and explanations

 

The business uses online platforms for management and co-ordination including Monday, Slack and Xero. As mentioned we have invested in HiBob as a superior HR platform, we have made significant investments in various AI platforms and software to enhance our work. We have taken rigorous steps to ensure our Apple based network is secure and protected using the Google Enterprise software with 2 factor authentication. The business uses Bit Defender (endpoint) anti-virus protection and enforces the various MDM security policies via Moysle.

We continue very successful relationships with our bankers Arbuthnot Latham, wealth management and employee benefits consultants Connor Broadley and our accountants and strategic advisors Bishops and Partners. BBL/P Ltd is now a member of the Employee Ownership Association.

On behalf of the board

Mr I M Kerrigan
Director
27 February 2025
IP DAILY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of advertising consultancy.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr I M Kerrigan
Mr P J Petrella
Ms B Harding
(Appointed 17 September 2024)
Mr D Wood
(Appointed 17 September 2024)
Research and development

As part of our commitment to ever improving service quality we constantly develop our software capability to new and more efficient analytical capability. We also work with partners - for example Sprinklr - to devise new data sources and analysis techniques. As a result our service continues to expand.

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.

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
Mr I M Kerrigan
Mr P J Petrella
Director
Director
Ms B Harding
Mr D Wood
Director
Director
27 February 2025
IP DAILY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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 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. They are 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.

IP DAILY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IP DAILY LIMITED
- 5 -
Opinion

We have audited the financial statements of IP Daily Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

IP DAILY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IP DAILY 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 directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business

 

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.

IP DAILY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IP DAILY LIMITED
- 7 -
David Evans BA FCA
27 February 2025
Senior Statutory Auditor
For and on behalf of
Bishops Audit Limited
1 Croft Court
Chartered Accountants
Plumpton Close
Statutory Auditor
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
IP DAILY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,294,988
15,391,108
Cost of sales
(13,716,108)
(13,009,826)
Gross profit
2,578,880
2,381,282
Administrative expenses
(1,469,942)
(1,348,217)
Operating profit
4
1,108,938
1,033,065
Interest receivable and similar income
7
43,266
14,380
Interest payable and similar expenses
8
(91)
(4,092)
Profit before taxation
1,152,113
1,043,353
Tax on profit
9
(302,672)
(252,084)
Profit for the financial year
849,441
791,269
Profit for the financial year is all attributable to the owners of the parent company.
IP DAILY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit for the year
849,441
791,269
Other comprehensive income
-
-
Total comprehensive income for the year
849,441
791,269
Total comprehensive income for the year is all attributable to the owners of the parent company.
IP DAILY LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
61,191
61,919
Investments
12
41,457
19,748
102,648
81,667
Current assets
Debtors
15
2,758,281
470,829
Cash at bank and in hand
1,894,385
4,970,814
4,652,666
5,441,643
Creditors: amounts falling due within one year
16
(3,614,031)
(3,708,286)
Net current assets
1,038,635
1,733,357
Total assets less current liabilities
1,141,283
1,815,024
Provisions for liabilities
Deferred tax liability
17
15,298
15,480
(15,298)
(15,480)
Net assets
1,125,985
1,799,544
Capital and reserves
Called up share capital
19
116
114
Capital redemption reserve
36
36
Other reserves
(1,523,000)
-
0
Profit and loss reserves
2,648,833
1,799,394
Total equity
1,125,985
1,799,544

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

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
Mr I M Kerrigan
Mr P J Petrella
Director
Director
Ms B Harding
Mr D Wood
Director
Director
Company registration number 11515970 (England and Wales)
IP DAILY LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
114
114
Current assets
Debtors
15
150
150
Cash at bank and in hand
29,512
29,932
29,662
30,082
Creditors: amounts falling due within one year
16
(2,479)
(2,378)
Net current assets
27,183
27,704
Net assets
27,297
27,818
Capital and reserves
Called up share capital
19
116
114
Capital redemption reserve
36
36
Other reserves
(1,523,000)
-
0
Profit and loss reserves
1,550,145
27,668
Total equity
27,297
27,818

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,522,479 (2023 - £147,282 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
Mr I M Kerrigan
Mr P J Petrella
Director
Director
Ms B Harding
Mr D Wood
Director
Director
Company registration number 11515970 (England and Wales)
IP DAILY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Capital redemption reserve
Contribution to EOT
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
114
36
-
1,148,125
1,148,275
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
791,269
791,269
Dividends
10
-
-
-
(140,000)
(140,000)
Balance at 31 October 2023
114
36
-
1,799,394
1,799,544
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
849,441
849,441
Bonus issue of shares
19
2
-
-
(2)
-
0
EOT Contributions Paid
-
-
(1,523,000)
-
(1,523,000)
Balance at 31 October 2024
116
36
(1,523,000)
2,648,833
1,125,985
IP DAILY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Capital redemption reserve
Contribution to EOT
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
114
36
-
20,386
20,536
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
147,282
147,282
Dividends
10
-
-
-
(140,000)
(140,000)
Balance at 31 October 2023
114
36
-
27,668
27,818
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
1,522,479
1,522,479
Bonus issue of shares
19
2
-
-
(2)
-
0
EOT Contibutions Paid
-
-
(1,523,000)
-
(1,523,000)
Balance at 31 October 2024
116
36
(1,523,000)
1,550,145
27,297
IP DAILY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(1,301,560)
2,967,571
Interest paid
(91)
(4,092)
Income taxes paid
(244,690)
(112,209)
Net cash (outflow)/inflow from operating activities
(1,546,341)
2,851,270
Investing activities
Purchase of tangible fixed assets
(29,453)
(38,797)
Proceeds from disposal of tangible fixed assets
808
-
Purchase of Investments
(21,709)
-
Interest received
43,266
14,380
Net cash used in investing activities
(7,088)
(24,417)
Financing activities
Contribution to EOT
(1,523,000)
-
Dividends paid to equity shareholders
-
0
(140,000)
Net cash used in financing activities
(1,523,000)
(140,000)
Net (decrease)/increase in cash and cash equivalents
(3,076,429)
2,686,853
Cash and cash equivalents at beginning of year
4,970,814
2,283,961
Cash and cash equivalents at end of year
1,894,385
4,970,814
IP DAILY LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(564)
19,932
Investing activities
Dividends received
1,523,144
150,000
Net cash generated from investing activities
1,523,144
150,000
Financing activities
Contribution to EOT
(1,523,000)
-
Dividends paid to equity shareholders
-
(140,000)
Net cash used in financing activities
(1,523,000)
(140,000)
Net (decrease)/increase in cash and cash equivalents
(420)
29,932
Cash and cash equivalents at beginning of year
29,932
-
0
Cash and cash equivalents at end of year
29,512
29,932
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information

IP Daily Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire, United Kingdom, BB1 5BG.

 

The group consists of IP Daily Ltd 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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company IP Daily Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.6
Tangible fixed assets

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

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

Fixtures and fittings
15% on reducing balance
Computers
33% on cost

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 profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

 

Financial assets and liabilities are offset and 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.

IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
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 group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
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 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. 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 if, and only if, there is 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.

IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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

1.16
Foreign exchange

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

1.17

Dividends and contributions to EOT

Equity dividends and contributions to EOT are recognised when they become legally payable.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

 

Within this period depreciation is the only accounting estimate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
16,294,988
15,391,108
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
Switzerland
16,294,988
15,375,498
Germany
-
15,610
16,294,988
15,391,108
2024
2023
£
£
Other revenue
Interest income
43,266
14,380
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(2,187)
12,939
Fees payable to the group's auditor for the audit of the group's financial statements
1,600
1,400
Depreciation of owned tangible fixed assets
29,385
20,027
Profit on disposal of tangible fixed assets
(12)
-
Operating lease charges
653,454
720,586
5
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
Production
40
37
-
-
Administration
4
4
-
2
Total
44
41
-
0
2
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,896,171
2,817,852
-
0
-
0
Social security costs
349,891
343,441
-
-
Pension costs
334,953
97,703
-
0
-
0
3,581,015
3,258,996
-
0
-
0

 

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
125,266
-
Company pension contributions to defined contribution schemes
7,883
-
133,149
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,615
13,535
Other interest income
4,651
845
Total income
43,266
14,380
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,615
13,535
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
91
4,092
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
302,854
244,802
Deferred tax
Origination and reversal of timing differences
(182)
7,282
Total tax charge
302,672
252,084

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
1,152,113
1,043,353
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
288,028
260,838
Tax effect of expenses that are not deductible in determining taxable profit
14,477
15,267
Unutilised tax losses carried forward
167
680
Effect of change in corporation tax rate
-
(26,985)
Deferred tax charge
-
0
2,589
Tax effect of superdeduction
-
0
(305)
Taxation charge
302,672
252,084
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
140,000
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 November 2023
27,650
122,146
149,796
Additions
7,100
22,353
29,453
Disposals
-
0
(3,413)
(3,413)
At 31 October 2024
34,750
141,086
175,836
Depreciation and impairment
At 1 November 2023
8,556
79,321
87,877
Depreciation charged in the year
3,675
25,710
29,385
Eliminated in respect of disposals
-
0
(2,617)
(2,617)
At 31 October 2024
12,231
102,414
114,645
Carrying amount
At 31 October 2024
22,519
38,672
61,191
At 31 October 2023
19,094
42,825
61,919
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
114
114
Unlisted investments
41,457
19,748
-
0
-
0
41,457
19,748
114
114
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 November 2023
19,748
Additions
21,709
At 31 October 2024
41,457
Carrying amount
At 31 October 2024
41,457
At 31 October 2023
19,748
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
114
Carrying amount
At 31 October 2024
114
At 31 October 2023
114
13
Subsidiaries

Details of the company's subsidiaries, domiciled in the United Kingdom, at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BBL/P Limited
C/O Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire, BB1 5BG
Ordinary I
100.00
BBL/P Limited
As above
Ordinary P
100.00
14
Financial instruments
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,037,328
102,108
-
0
-
0
Other debtors
208,970
232,012
150
150
Prepayments and accrued income
511,983
136,709
-
0
-
0
2,758,281
470,829
150
150
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
324,766
654,862
101
-
0
Corporation tax payable
302,854
244,690
-
0
-
0
Other taxation and social security
115,399
107,640
-
-
Other creditors
31,307
28,582
114
114
Accruals and deferred income
2,839,705
2,672,512
2,264
2,264
3,614,031
3,708,286
2,479
2,378
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
15,298
15,480
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
15,480
-
Credit to profit or loss
(182)
-
Liability at 31 October 2024
15,298
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
334,953
97,703

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.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
114
114
114
114
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Share capital
(Continued)
- 28 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
-
2
-
Preference shares classified as equity
2
-
Total equity share capital
116
114

During the year the company issued 2 £1 preference shares as a bonus issue to existing shareholders on the basis of 1 new preference share for each 57 £1 ordinary shares held.

20
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
280,000
605,000
-
-
280,000
605,000
-
-
21
Related party transactions

During the year, the company made voluntary contributions of £ 1,523,144 (2023: nil) to the company's ultimate controlling party.

 

During the year, the group contracted with companies owned by key management personnel. The contracts were worth £1,550,000 (2023: £ 1,413,333). There were a total of nil outstanding at the year end (2023: £ 360,000).

22
Events after the reporting date

Since the year end, the company has made a further voluntary contribution of £ 1,000,000 to the company's ultimate controlling party.

23
Controlling party
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
23
Controlling party
(Continued)
- 29 -

At the balance sheet date 100% of the share capital of the company was owed by an Employee Ownership Trust (EOT). The Trustee of this EOT, BBL/P Trustees Limited, is a company limited by guarantee which holds these shares for the benefit of the employees of the group.

 

 

 

 

24
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
849,441
791,269
Adjustments for:
Taxation charged
302,672
252,084
Finance costs
91
4,092
Investment income
(43,266)
(14,380)
Gain on disposal of tangible fixed assets
(12)
-
Depreciation and impairment of tangible fixed assets
29,385
20,027
Movements in working capital:
(Increase)/decrease in debtors
(2,287,452)
2,787,680
Decrease in creditors
(152,419)
(873,201)
Cash (absorbed by)/generated from operations
(1,301,560)
2,967,571
25
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,522,479
147,282
Adjustments for:
Investment income
(1,523,144)
(150,000)
Movements in working capital:
Decrease in debtors
-
20,986
Increase in creditors
101
1,664
Cash (absorbed by)/generated from operations
(564)
19,932
26
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
4,970,814
(3,076,429)
1,894,385
IP DAILY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
27
Analysis of changes in net funds - company
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
29,932
(420)
29,512
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