Company registration number 06145237 (England and Wales)
LEEDS D&B ONE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LEEDS D&B ONE LIMITED
COMPANY INFORMATION
Directors
KA Cunningham
PR Hepburn
Secretary
Resolis Limited
Company number
06145237
Registered office
1 Park Row
Leeds
United Kingdom
LS1 5AB
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
LEEDS D&B ONE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 14
LEEDS D&B ONE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their report with the financial statements of the Company for the year ended 30 September 2024.
The financial statements have been prepared under FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions.
Principal activities
The Company undertakes contracts to design and build schools for Leeds City Council ("LCC"). Construction work is undertaken by a number of subcontractors. The directors believe that no other key performance indicators apart from the profit are necessary or appropriate for an understanding of the performance or position of the business.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
KA Cunningham
PR Hepburn
Going concern
The Directors do not anticipate a change in the Company's activity for the foreseeable future. Whilst no new projects have been contracted with LCC, the Company continues to deliver the current contracted projects and will do so until their completion.
One risk that the directors have considered, is the financial failure of one of the Company's design and construction contractors. In assessing this risk, the Board has requested that Leeds City Council (LCC) accept this risk for any future contracts that are awarded and LCC have accepted this risk. In respect of the same risk for completed design and construction contracts, the directors are of the opinion that the likelihood of both the financial failure of a contractor and significant defects being present in the building that they have constructed is very low and therefore is acceptable. The supply chain has also been expanded to utilise a number of different contractors on the current active projects being delivered.
The Company operates as a pass-through entity and the basis of going concern is assessed by reviewing the current cash reserves. The reduction in ongoing contracted projects has no impact on the going concern. The Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Dividends
No dividends will be distributed for the year ended 30 September 2024.
The results of the company are set out on the financial statements on page 8. A profit after tax of £17,000 (2023: loss of £37,000) has been transferred to reserves.
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Auditor
Pursuant to Section 487 of the Companies Act 2006, the auditors will be deemed to be reappointed and Johnston Carmichael LLP will therefore continue in office.
LEEDS D&B ONE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
KA Cunningham
Director
25 March 2025
LEEDS D&B ONE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LEEDS D&B ONE LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF LEEDS D&B ONE LIMITED
- 4 -
Opinion
We have audited the financial statements of Leeds D&B One Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, and notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:
• Give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• Have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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:
The information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The directors' report has been prepared in accordance with applicable legal requirements.
LEEDS D&B ONE LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF LEEDS D&B ONE LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:
Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
The financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of Directors’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or
The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors' 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:
We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non- compliance with laws and regulations throughout the audit.
LEEDS D&B ONE LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF LEEDS D&B ONE LIMITED
- 6 -
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
We gained an understanding of how the Company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of board meeting minutes.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
Reviewing the level of and reasoning behind the Company’s procurement of legal and professional services;
Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the Companies Act 2006;
Revenue has been agreed to supporting documentation; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
LEEDS D&B ONE LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF LEEDS D&B ONE LIMITED
- 7 -
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 auditors' 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.
Grant Roger
Senior Statutory Auditor
For and on behalf of Johnston Carmichael LLP
25 March 2025
Chartered Accountants
Statutory Auditor
7-11 Melville Street
Edinburgh
EH3 7PE
LEEDS D&B ONE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£'000
£'000
Turnover
3
1,899
10,897
Cost of sales
(1,877)
(10,897)
Gross profit
22
-
Administrative expenses
(1)
(48)
Operating profit/(loss)
4
21
(48)
Other interest receivable and similar income
1
Profit/(loss) before taxation
22
(48)
Tax on profit/(loss)
(5)
11
Profit/(loss) for the financial year
17
(37)
LEEDS D&B ONE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Current assets
Debtors: amounts falling due within one year
6
60
297
Cash at bank and in hand
117
1,028
177
1,325
Creditors: amounts falling due within one year
7
(140)
(1,305)
Net current assets
37
20
Capital and reserves
Profit and loss reserves
37
20
The notes on pages 11 to 14 form part of the financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
KA Cunningham
Director
Company Registration No. 06145237
LEEDS D&B ONE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£'000
£'000
£'000
Balance at 1 October 2022
57
57
Year ended 30 September 2023:
Loss and total comprehensive income
-
(37)
(37)
Balance at 30 September 2023
20
20
Year ended 30 September 2024:
Profit and total comprehensive income
-
17
17
Balance at 30 September 2024
37
37
LEEDS D&B ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
Leeds D&B One Limited is a private company, limited by shares, registered and incorporated in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £'000.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared in accordance with applicable UK law and accounting standards. The accounting policies have been consistently applied in the current and prior years.
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, mainly in relation to the presentation of a cash flow statement and financial instruments.
The Company's parent undertaking has been notified of and did not object to the use of these disclosure exemptions.
1.2
Going concern
The Directors do not anticipate a change in the Company's activity for the foreseeable future. trueWhilst no new projects have been contracted with LCC, the Company continues to deliver the current contracted projects and will do so until their completion.
One risk that the directors have considered, is the financial failure of one of the Company's design and construction contractors. In assessing this risk, the Board has requested that Leeds City Council (LCC) accept this risk for any future contracts that are awarded and LCC have accepted this risk. In respect of the same risk for completed design and construction contracts, the directors are of the opinion that the likelihood of both the financial failure of a contractor and significant defects being present in the building that they have constructed is very low and therefore is acceptable. The supply chain has also been expanded to utilise a number of different contractors on the current active projects being delivered.
The Company operates as a pass-through entity and the basis of going concern is assessed by reviewing the current cash reserves. The reduction in ongoing contracted projects has no impact on the going concern. The Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
1.3
Revenue recognition
The Company's turnover is derived from activities in the United Kingdom and comprises the total invoice value, excluding VAT, of services rendered and is recognised each year as the applicable portions of the amounts receivable relating to finance and operating costs calculated on a consistent basis.
(a) Pass through recharges
Turnover from the supply of pass through activities represents the value provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
LEEDS D&B ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Financial instruments
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 trade and other receivables 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.
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, including trade and other payables and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the obligation specified in the contract is discharged, cancelled, or expires.
1.5
Taxation
Current tax, including UK corporation and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is provided in full on timing differences which result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items or income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the current or deferred tax expenses or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
LEEDS D&B ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. 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 if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods. The Directors do not believe there are any critical judgements or estimation uncertainty.
3
Turnover and other revenue
2024
2023
£'000
£'000
Other revenue
Interest income
1
-
The revenue and profit before taxation are attributable to the one principal activity of the Company, being construction and maintenance services arising entirely from the United Kingdom. Turnover is accounted net of VAT in line with the accounting policy as included in Note 1.3.
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£'000
£'000
Audit fees
5
5
Tax advisory fees
3
3
All fees for taxation services and for the statutory audit of the Company have been borne by Leeds LEP Ltd.
5
Employees
The Company had no employees during either year other than the directors. The directors of the Company did not receive any remuneration for their services to the Company in either year.
6
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
23
18
Corporation tax asset
9
VAT debtor
1
-
Accrued income
36
270
60
297
LEEDS D&B ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
7
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
23
9
Taxation and social security
27
Accruals
112
1,260
Other creditors
5
9
140
1,305
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
2 ordinary shares of £1 each
2
2
-
-
9
Controlling party
The Company is wholly owned by Leeds LEP Limited, a company which is registered in England and having the same registered office as the Company. In the opinion of the Directors, there is no ultimate controlling party.
The smallest and largest group in which the Company’s results are consolidated is Environments for Learning Limited, a company registered in England. Copies of the consolidated accounts are available from Companies House.
10
Related party transactions
The Company has taken advantage of exemption, under the small companies regime, not to disclose related party transactions that have been concluded under normal market conditions.
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