Boundary Visualisation Holdings Limited
Annual Report and Financial Statements
For the year ended 31 August 2024
Company Registration No. 12192446 (England and Wales)
Boundary Visualisation Holdings Limited
Company Information
Directors
H Goss
P Guthrie
T Wood
S Williams
Company number
12192446
Registered office
Academic House
24-28 Oval Road
London
England
NW1 7DJ
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Boundary Visualisation Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 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
Notes to the financial statements
15 - 29
Boundary Visualisation Holdings Limited
Strategic Report
For the year ended 31 August 2024
Page 1

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

Fair review of the business

The principal activity of the group was that of Architectural Visualisation. 

In May 2021, Clearwater Topco Limited acquired the entire share capital of Boundary Visualisation Limited  and The Boundary, Inc (together, “The Boundary”) through a subsidiary company, Clearwater Newco Limited.  The acquisition was structured to facilitate private equity investment from Mobeus Equity Partners LLP, who  joined the founders and senior management of The Boundary as shareholders of the group. During the year, the Group received new investment from Kester Capital LLP, who replace Mobeus in the Group’s ownership structure. 

In the year to 31 August 2024, the group has seen significant growth in annual revenues. Boundary Visualisation Holdings Limited Group has experienced revenue growth from £10.85m in FY23 to £16.36m in FY24, an increase of 51%. Operating profits continue to increase, from £2.61m to £3.27m. 

The Boundary continues to expand its client base and product offering, growing revenues in all major jurisdictions and attracting poster clients to realtime-rendered products and services. 

Research and development 

The group continues to invest resources in enhancing its technological capabilities to retain its competitive  position. This investment results in new product offerings, or enhancements and efficiencies to off the shelf  products. 

Principal risks and uncertainties

The directors consider the key business risks and uncertainties affecting the Group relate to markets and  competition, in response to which the company is continuing to invest in the development of its products and  services. 

Objectives and policies 

The group is exposed to a variety of financial risks. The group's overall risk management programme seeks to  minimise potential risks for the group. The board reviews and agrees policies for managing risks. The most  important components of financial risk affecting the group are as follows: 

Operational risk 

Operational risk is the risk of losses stemming from inadequate or failed internal processes, people and  systems or from external events. The group has created a strong governance structure with robust controls,  and has made considerable investment in business continuity through the period.  

Exchange rate risk 

The group is subject to FX risk on revenues and costs generated overseas, primarily in US dollars. The group  will take advantage of natural hedges in overseas expenditure, and utilise FX forwards to hedge future  cashflows to the extent that there are material residual FX exposures.  

Liquidity and interest rate risk 

The group manages its cash and borrowing requirements in order to ensure the group has sufficient liquid  resources to meet the operating needs of the business. The majority of the group's external borrowings do not mature until 2029, and are floating above SONIA or SOFR rates.  

Credit risk 

Aged receivables and the credit profile of our customer base is monitored regularly, and provisions are made  for doubtful debts where necessary.

Boundary Visualisation Holdings Limited
Strategic Report (Continued)
For the year ended 31 August 2024
Page 2
Key performance indicators

The group has defined its key performance indicators to align performance and accountability to its strategic  plan. The key focus of KPI's is on a number of financial and operational performance measures, designed to  ensure that the strategy successfully ensures that the business continues to thrive.  

 

KPI

Year ended

31 August 2024

Year ended

31 August 2023

Revenue

£ 16,363,688

£ 10,854,904

Operating profit

£ 3,268,260

£ 2,605,660

Cash at period end

£ 3,795,898

£ 1,305,342

Number of staff

68

53

 

 

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued success of the group’s operations and its strong cash position.

On behalf of the board

S Williams
Director
27 February 2025
Boundary Visualisation Holdings Limited
Directors' Report
For the year ended 31 August 2024
Page 3

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

Principal activities

The principal activity of the Boundary group is production of rendered images, animations, short films, and VR/AR content for architects and property developers.

Directors

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

H Goss
P Guthrie
T Wood
S Williams
Results and dividends

The results for the year are set out on page 10. No ordinary dividends were paid in the year (2023: £450,000) and the directors do not recommend payment of a final dividend.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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
S Williams
Director
27 February 2025
Boundary Visualisation Holdings Limited
Directors' Responsibilities Statement
For the year ended 31 August 2024
Page 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.

Boundary Visualisation Holdings Limited
Independent Auditor's Report
To the Members of Boundary Visualisation Holdings Limited
Page 5
Opinion

We have audited the financial statements of Boundary Visualisation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise 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 and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, including FRS 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.

Boundary Visualisation Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Holdings Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Boundary Visualisation Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Holdings Limited
Page 7
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Boundary Visualisation Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Holdings Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Esther Carder
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
27 February 2025
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Boundary Visualisation Holdings Limited
Group Statement of Comprehensive Income
For the year ended 31 August 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
16,363,688
10,854,904
Cost of sales
(8,148,327)
(4,676,246)
Gross profit
8,215,361
6,178,658
Administrative expenses
(4,949,656)
(3,574,780)
Other operating income
2,555
1,782
Operating profit
4
3,268,260
2,605,660
Interest receivable and similar income
8
28,548
10,932
Profit before taxation
3,296,808
2,616,592
Tax on profit
9
(590,320)
(198,619)
Profit for the financial year
2,706,488
2,417,973
Other comprehensive income
Currency translation gain arising in the year
15,447
25,470
Total comprehensive income for the year
2,721,935
2,443,443
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Boundary Visualisation Holdings Limited
Group Balance Sheet
As at 31 August 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
514,764
515,049
Tangible assets
11
575,454
627,024
1,090,218
1,142,073
Current assets
Debtors
14
10,747,003
7,773,030
Cash at bank and in hand
3,795,898
1,305,342
14,542,901
9,078,372
Creditors: amounts falling due within one year
15
(5,372,572)
(2,687,232)
Net current assets
9,170,329
6,391,140
Total assets less current liabilities
10,260,547
7,533,213
Provisions for liabilities
Provisions
16
(70,000)
(70,000)
Deferred tax liability
17
(136,535)
(131,136)
(206,535)
(201,136)
Net assets
10,054,012
7,332,077
Capital and reserves
Called up share capital
19
118
118
Share premium account
24,736
24,736
Other reserves
40,917
25,470
Profit and loss reserves
9,988,241
7,281,753
Total equity
10,054,012
7,332,077
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
S  Williams
Director
Boundary Visualisation Holdings Limited
Company Balance Sheet
As at 31 August 2024
31 August 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
177
177
Current assets
Debtors
14
238,455
238,450
Creditors: amounts falling due within one year
15
(170,685)
(170,685)
Net current assets
67,770
67,765
Net assets
67,947
67,942
Capital and reserves
Called up share capital
19
118
118
Share premium account
24,736
24,736
Profit and loss reserves
43,093
43,088
Total equity
67,947
67,942

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 £5 (2023: £449,736)

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
S  Williams
Director
Company Registration No. 12192446 (England and Wales)
Boundary Visualisation Holdings Limited
Group Statement of Changes in Equity
For the year ended 31 August 2024
Page 12
Share capital
Share premium account
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 September 2022
118
24,736
-
0
5,313,780
5,338,634
Year ended 31 August 2023:
Profit for the year
-
-
-
2,417,973
2,417,973
Other comprehensive income:
Currency translation differences
-
-
25,470
-
0
25,470
Total comprehensive income for the year
-
-
25,470
2,417,973
2,443,443
Dividends
-
-
-
(450,000)
(450,000)
Balance at 31 August 2023
118
24,736
25,470
7,281,753
7,332,077
Year ended 31 August 2024:
Profit for the year
-
-
-
2,706,488
2,706,488
Other comprehensive income:
Currency translation differences
-
-
15,447
-
0
15,447
Total comprehensive income for the year
-
-
15,447
2,706,488
2,721,935
Balance at 31 August 2024
118
24,736
40,917
9,988,241
10,054,012
Boundary Visualisation Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 August 2024
Page 13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
118
24,736
43,352
68,206
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
449,736
449,736
Dividends
-
-
(450,000)
(450,000)
Balance at 31 August 2023
118
24,736
43,088
67,942
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
5
5
Balance at 31 August 2024
118
24,736
43,093
67,947
Boundary Visualisation Holdings Limited
Group Statement of Cash Flows
For the year ended 31 August 2024
Page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,378,488
1,020,309
Income taxes paid
(276,460)
(52,623)
Net cash inflow from operating activities
3,102,028
967,686
Investing activities
Purchase of intangible assets
(272,667)
(363,395)
Purchase of tangible fixed assets
(384,171)
(541,214)
Proceeds from disposal of tangible fixed assets
1,371
20,036
Interest received
28,548
10,932
Net cash used in investing activities
(626,919)
(873,641)
Financing activities
Dividends paid to equity shareholders
-
0
(450,000)
Net cash used in financing activities
-
(450,000)
Net increase/(decrease) in cash and cash equivalents
2,475,109
(355,955)
Cash and cash equivalents at beginning of year
1,305,342
1,635,827
Effect of foreign exchange rates
15,447
25,470
Cash and cash equivalents at end of year
3,795,898
1,305,342
Boundary Visualisation Holdings Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 15
1
Accounting policies
Company information

Boundary Visualisation Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Academic House, 24-28 Oval Road, London, NW1 7DJ.

 

The group consists of Boundary Visualisation Holdings 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.

1.2
Basis of consolidation

In the parent company financial statements, there is no goodwill for the business combination and this was a result of a restructuring rather than acquisition.

 

The consolidated group financial statements consist of the financial statements of the parent company Boundary Visualisation Holdings Limited 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 August 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.

 

Boundary Visualisation Limited and Boundary Inc have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows for the full period.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 16
1.3
Going concern

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

 

The group made a profit for the period of £2,706,488 (2023: £2,417,973) and as at the balance sheet date had net assets of £10,054,012 (2023: £7,332,077). During the period the business has been cash generative from operations within the group and generated positive Adjusted Earnings before Interest, Tax, Depreciation, Amortisation and Exception costs of £3,973,184 (2023: £3,147,048).

 

The directors have prepared detailed forecasts and are satisfied that the group and company will be able to settle all of its liabilities, as they fall due, for at least 12 months from the date of signing of these financial statements and it is therefore appropriate that the financial statements have been prepared on a going concern basis.

                        

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the group's ability to continue as a going concern.

1.4
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.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 17
1.5
Intangible fixed assets other than goodwill

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

 

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

 

One of the company's intangible assets is internally generated development expenditure including the design, construction and testing of pre-production or pre-use prototypes and models.

The company capitalises costs associated with software development. The company employs certain members of IT development staff who are engaged in the creation of

The intangible asset is to be recognised and measured on the Cost model, being the employee benefits costs attributable. The intangible asset will be amortised over 3 years on a straight-line basis, reflecting management’s best estimate of the useful life of the assets being developed.

The other intangible asset is website development. The intangible asset is to be recognised and measured on the Cost model, being the third party website development costs attributable. The intangible asset will be amortised over 4 years on a straight-line basis, reflecting management’s best estimate of the useful life,

The assets will be reviewed for impairment annually.

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

Capitalised R&D
33%
Website Development
25%
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 18
1.6
Tangible fixed assets

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

                        

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

Leasehold improvements
20% Reducing balance
Plant and equipment
20% Straight Line
Fixtures and fittings
20% Straight Line
Computers
25-50% Straight Line
Bicycles
33% Reducing Balance

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

1.8
Impairment of fixed assets

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

 

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.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 19

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 at bank and in hand

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.

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.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 20
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.

1.13
Provisions

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

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

                        

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

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

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 21
1.17
Foreign exchange

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

                        

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.

Critical judgements

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

Revenue Recognition

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones and percentage completion. Estimates of the progress required to undertake the contracts are made on a regular basis and subject to management review.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales of services
16,363,688
10,854,904
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,135,422
2,259,144
Rest of Europe
396,900
110,608
Rest of World
14,831,366
8,485,152
16,363,688
10,854,904
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 22
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
289,138
60,083
Depreciation of owned tangible fixed assets
431,972
348,448
Loss on disposal of tangible fixed assets
2,398
-
Amortisation of intangible assets
272,952
192,940
Operating lease charges
376,560
308,830
5
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
12,827
2,760
Audit of the financial statements of the company's subsidiaries
68,146
49,025
80,973
51,785
For other services
Taxation compliance services
7,387
13,165
6
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
68
53
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,723,647
3,367,471
-
0
-
0
Social security costs
393,867
299,197
-
-
Pension costs
77,056
62,601
-
0
-
0
5,194,570
3,729,269
-
0
-
0
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 23
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
444,687
396,673
Company pension contributions to defined contribution schemes
-
1,246
444,687
397,919
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
223,429
194,250
Company pension contributions to defined contribution schemes
-
486
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
28,548
10,932
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
479,795
313,654
Adjustments in respect of prior periods
104,620
(144,119)
Other taxes
506
362
Total current tax
584,921
169,897
Deferred tax
Origination and reversal of timing differences
5,399
28,722
Total tax charge
590,320
198,619
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
9
Taxation
(Continued)
Page 24

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
3,296,808
2,616,592
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 21.52%)
824,202
562,890
Tax effect of expenses that are not deductible in determining taxable profit
12,983
48,886
Tax effect of income not taxable in determining taxable profit
(9,784)
-
0
Change in unrecognised deferred tax assets
(11,441)
(3,655)
Adjustments in respect of prior years
104,620
(136,463)
Remeasurement of deferred tax for changes in tax rates
-
3,445
Group relief
(331,529)
(272,642)
Other permanent differences
-
0
(676)
Foreign tax credits
(3,053)
(3,631)
Fixed asset differences
3,816
103
Other taxes
506
362
Taxation charge
590,320
198,619
10
Intangible fixed assets
Group
Capitalised R&D
Website Development
Total
£
£
£
Cost
At 1 September 2023
518,627
313,912
832,539
Additions
152,277
120,390
272,667
At 31 August 2024
670,904
434,302
1,105,206
Amortisation and impairment
At 1 September 2023
188,748
128,742
317,490
Amortisation charged for the year
189,275
83,677
272,952
At 31 August 2024
378,023
212,419
590,442
Carrying amount
At 31 August 2024
292,881
221,883
514,764
At 31 August 2023
329,879
185,170
515,049
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 25
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Bicycles
Total
£
£
£
£
£
Cost
At 1 September 2023
312,876
135,967
1,252,191
47,324
1,748,358
Additions
67,385
30,460
262,970
23,356
384,171
Disposals
-
0
(6,255)
-
0
-
0
(6,255)
Transfers
-
0
-
0
-
0
(2,083)
(2,083)
At 31 August 2024
380,261
160,172
1,515,161
68,597
2,124,191
Depreciation and impairment
At 1 September 2023
61,632
64,805
978,324
16,573
1,121,334
Depreciation charged in the year
151,430
26,914
240,915
12,713
431,972
Eliminated in respect of disposals
-
0
(3,857)
-
0
-
0
(3,857)
Transfers
-
0
-
0
-
0
(712)
(712)
At 31 August 2024
213,062
87,862
1,219,239
28,574
1,548,737
Carrying amount
At 31 August 2024
167,199
72,310
295,922
40,023
575,454
At 31 August 2023
251,244
71,162
273,867
30,751
627,024
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
177
177
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
177
Carrying amount
At 31 August 2024
177
At 31 August 2023
177
Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 26
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Boundary Visualisation Limited
Academic House, 24-28 Oval Road, London, NW1 7DJ
Ordinary
100.00
The Boundary, Inc.
The Graybar Building, Ste 2831, 420 Lexington Avenue, New York, NY10170
Ordinary
100.00
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,893,847
3,676,424
-
0
-
0
Amounts owed by group undertakings
5,097,284
2,673,189
238,445
238,440
Other debtors
253,240
267,602
10
10
Prepayments and accrued income
1,502,632
1,155,815
-
0
-
0
10,747,003
7,773,030
238,455
238,450
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
334,130
119,009
-
0
-
0
Amounts owed to group undertakings
1,184,417
627,333
170,000
170,000
Corporation tax payable
413,179
104,718
-
0
-
0
Other taxation and social security
118,155
282,147
-
-
Other creditors
72,759
35,915
10
10
Accruals and deferred income
3,249,932
1,518,110
675
675
5,372,572
2,687,232
170,685
170,685

In the prior year, the company had committed to a currency swap contract to buy £379,429 in USD. The fair value of this contract at the prior year balance sheet date amounted to a loss of £15,107. The contract has been fully utilised during the year and the company has no open currency swap contracts at the year end.

 

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 27
16
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations Provision
70,000
70,000
-
-
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
136,535
131,136
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
131,136
-
Charge to profit or loss
5,399
-
Liability at 31 August 2024
136,535
-
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,056
62,601

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.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 28
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
9,000
9,000
90
90
Ordinary B of 1p each
1,000
1,000
10
10
Ordinary C of 1p each
1,125
1,125
12
12
Ordinary D of 1p each
600
600
6
6
11,725
11,725
118
118
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
203,698
280,746
-
-
Between two and five years
-
201,797
-
-
203,698
482,543
-
-
21
Related party transactions

The group has taken the exemption available in section 33 of FRS 102 from disclosing transactions with wholly-owned group companies.

 

At the year end the company owed £nil to its directors (2023: £3,461).

 

At the balance sheet date, included in other debtors is £nil (2023: £60,846) due from Virtual Reality Property Marketing Limited, a company related by virtue of being an associate. The investment in the associate was sold 9th July 2024.

 

During the year, the group made purchases of £4,883 (2023: £nil) from Virtual Reality Property Marketing Limited.

 

During the period, the group was a chargor to the issue of loan notes amounting to £29,287,200 (2023: £nil) from Kester Capital LLP , which is related by virtue of being a shareholder of the group.

 

During the period, the group was charged £nil (2023: £39,144) from Mobeus Equity Partners LLP, which is related by virtue of being a former shareholder of the group. Loan notes at the balance sheet date were £nil (2023: £9,655,210) and the charge has been satisfied.

Boundary Visualisation Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 29
22
Controlling party

The immediate parent company is Clearwater Newco Limited, a company registered and domiciled in England and Wales. On 16th July 2024 Clearwater Topco Limited was acquired by Project Iridium Bidco Limited, a company registered and domiciled in England and Wales. As a result of this transaction, Project Iridum Topco Limited, a company registered and domiciled in England and Wales with the registered office 14-16 Bruton Place, London, W1J 6LX, is now the ultimate parent company.

 

Boundary Visualisation Holdings is the largest and smallest group for which group accounts are available.

 

The directors do not consider there to be any ultimate controlling party.

23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,706,488
2,417,973
Adjustments for:
Taxation charged
590,320
198,619
Interest income
(28,548)
(10,932)
Loss on disposal of tangible fixed assets
2,398
-
Amortisation and impairment of intangible assets
272,952
192,940
Depreciation and impairment of tangible fixed assets
431,972
348,448
Increase in provisions
-
31,186
Movements in working capital:
Increase in debtors
(2,885,551)
(2,301,531)
Increase in creditors
2,288,457
143,606
Cash generated from operations
3,378,488
1,020,309
24
Analysis of changes in net funds - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
1,305,342
2,490,556
3,795,898
2024-08-312023-09-01falsefalseCCH SoftwareCCH Accounts Production 2025.100H GossP GuthrieT WoodS Williamsfalse121924462023-09-012024-08-3112192446bus:Director12023-09-012024-08-3112192446bus:Director22023-09-012024-08-3112192446bus:Director32023-09-012024-08-3112192446bus:Director42023-09-012024-08-3112192446bus:RegisteredOffice2023-09-012024-08-31121924462024-08-3112192446bus:Consolidated2023-09-012024-08-3112192446bus:Consolidated2022-09-012023-08-3112192446core:ForeignCurrencyTranslationReservebus:Consolidated2023-09-012024-08-3112192446core:ForeignCurrencyTranslationReservebus:Consolidated2022-09-012023-08-3112192446core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-012023-08-3112192446core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-012024-08-3112192446bus:Consolidated2024-08-3112192446core:OtherResidualIntangibleAssetsbus:Consolidated2024-08-3112192446core:OtherResidualIntangibleAssetsbus:Consolidated2023-08-3112192446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-08-3112192446core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-08-3112192446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3112192446core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3112192446bus:Consolidated2023-08-3112192446core:LeaseholdImprovementsbus:Consolidated2024-08-3112192446core:FurnitureFittingsbus:Consolidated2024-08-3112192446core:ComputerEquipmentbus:Consolidated2024-08-3112192446core:MotorVehiclesbus:Consolidated2024-08-3112192446core:LeaseholdImprovementsbus:Consolidated2023-08-3112192446core:FurnitureFittingsbus:Consolidated2023-08-3112192446core:ComputerEquipmentbus:Consolidated2023-08-3112192446core:MotorVehiclesbus:Consolidated2023-08-3112192446core:ShareCapitalbus:Consolidated2024-08-3112192446core:ShareCapitalbus:Consolidated2023-08-3112192446core:SharePremiumbus:Consolidated2024-08-3112192446core:SharePremiumbus:Consolidated2023-08-3112192446core:OtherMiscellaneousReservebus:Consolidated2024-08-3112192446core:OtherMiscellaneousReservebus:Consolidated2023-08-3112192446core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-08-3112192446core:ShareCapital2024-08-3112192446core:SharePremium2024-08-3112192446core:RetainedEarningsAccumulatedLosses2024-08-3112192446core:ShareCapitalbus:Consolidated2022-08-3112192446core:SharePremiumbus:Consolidated2022-08-3112192446core:ForeignCurrencyTranslationReservebus:Consolidated2022-08-3112192446core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-08-3112192446core:ForeignCurrencyTranslationReservebus:Consolidated2023-08-31121924462023-08-3112192446core:ForeignCurrencyTranslationReservebus:Consolidated2024-08-3112192446core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-08-3112192446core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-09-012024-08-3112192446core:PlantMachinery2023-09-012024-08-3112192446core:FurnitureFittings2023-09-012024-08-3112192446core:ComputerEquipment2023-09-012024-08-3112192446core:MotorVehicles2023-09-012024-08-31121924462022-09-012023-08-3112192446core:UKTaxbus:Consolidated2023-09-012024-08-3112192446core:UKTaxbus:Consolidated2022-09-012023-08-3112192446bus:Consolidated12023-09-012024-08-3112192446bus:Consolidated22023-09-012024-08-3112192446bus:Consolidated32023-09-012024-08-3112192446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3112192446core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3112192446bus:Consolidated2023-08-3112192446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3112192446core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3112192446core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3112192446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-012024-08-3112192446core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-012024-08-3112192446core:LeaseholdImprovementsbus:Consolidated2023-08-3112192446core:FurnitureFittingsbus:Consolidated2023-08-3112192446core:ComputerEquipmentbus:Consolidated2023-08-3112192446core:MotorVehiclesbus:Consolidated2023-08-3112192446core:LeaseholdImprovementsbus:Consolidated2023-09-012024-08-3112192446core:FurnitureFittingsbus:Consolidated2023-09-012024-08-3112192446core:ComputerEquipmentbus:Consolidated2023-09-012024-08-3112192446core:MotorVehiclesbus:Consolidated2023-09-012024-08-3112192446core:Subsidiary12023-09-012024-08-3112192446core:Subsidiary22023-09-012024-08-3112192446core:Subsidiary112023-09-012024-08-3112192446core:Subsidiary222023-09-012024-08-3112192446core:CurrentFinancialInstruments2024-08-3112192446core:CurrentFinancialInstrumentsbus:Consolidated2024-08-3112192446core:CurrentFinancialInstrumentsbus:Consolidated2023-08-3112192446core:CurrentFinancialInstruments2023-08-3112192446core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-08-3112192446core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-08-3112192446core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3112192446core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3112192446bus:PrivateLimitedCompanyLtd2023-09-012024-08-3112192446bus:FRS1022023-09-012024-08-3112192446bus:Audited2023-09-012024-08-3112192446bus:ConsolidatedGroupCompanyAccounts2023-09-012024-08-3112192446bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP