Company registration number 11514559 (England and Wales)
F & W NETWORKS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
F & W NETWORKS LTD
COMPANY INFORMATION
Directors
C Bock Montero
J Mascaro Rubert
A Thakrar
A Kader Israelski
A Porto Dolc
(Appointed 19 May 2025)
Secretary
Oakwood Corporate Secretary Limited
Company number
11514559
Registered office
3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
F & W NETWORKS LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 30
F & W NETWORKS LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 September 2024.

The board believes it has established a strategy and business model that promotes long-term value for shareholders.

The group's strategy is to deploy and operate a FTTP or "full fibre" network in buildings and geographic areas in and around the M25 with a high customer acquisition potential.

F & W Network Limited broadband is already available at selected sites in UK towns & cities. The group's goal is to continue to grow its customer base by providing exceptional customer service and competitive product offerings whilst extending its national fibre network footprint to homes and businesses.


The group uses both internal resources and outsource suppliers to build its fibre network.

Review of the business

The group continued to grow its full fibre network, turnover and customer base compared with the previous twelve-month period. This growth was driven by both the continued increase in homes passed during the period as well as an increase in penetration of the existing network footprint.

 

Total homes passed reached 415,000 at 30 September 2024 as the group continued to increase its network build.

 

During the period ended 30 September 2024, the group benefited from an additional £32m of equity investment from its shareholders.

 

Financial Review

 

Turnover for the period was £3.82m (2023: £1.54m), an increase of £2.28m. This represents both an increase in revenue from subscribers in new homes passed as well as an increase in penetration in the existing network. The primary driver of the revenue increase was from the increase in subscribers compared to 2023. Gross profit for the period was £3.73m (2023: £1.50m).

 

The increase in administrative costs was primarily driven by an increase in depreciation related to the increased fibre network investment in 2024 and an increase in the marketing spend to attract new customers.

 

As a result of the increased costs (associated with increasing network build and subscriber growth activity) the operating loss increased by £5.6m in the period to £16.2m from £10.6m in 2023, which is in line with the shareholders' expectations at this stage of the business.

 

The group continued to grow its network and has invested heavily in growing its homes passed footprint. The total investment cost in it's fibre network at 30 September 2024 was at £102.3m (2023: £75.4m). The group is well positioned to continue the expansion of the network into new sites within existing cities as well as expanding into new geographic areas in the UK. The rate of expansion has reduced in the period with the focus being on advertising and promotions to increase market penetration.

F & W NETWORKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

Risk

 

Mitigation

Health and safety 

The group is involved in activities and environments that have the potential to cause serious injury to its stakeholders, or to damage property, the environment, or its reputation. It is reliant on a large, subcontracted workforce operating to the group's high standards and procedures. 

 

 

 

The health and safety of people is the primary focus of the group. To control risk and prevent harm the group is focused on achieving the highest standards of health and safety management. This is achieved by establishing effective health and safety procedures and ensuring that effective leadership and organisational arrangements are in place to operate these procedures. 

Brexit and global economic uncertainty 

The impact of Brexit, the war in Ukraine as well as wider global economic uncertainty continues to impact directly and indirectly the UK economy, with increasing input costs, costs of living impacts and reduced levels of disposable consumer income. This may result in a slowdown in the economy leading to customers delaying purchasing decisions, as well as inflationary pressures on the group's labour, material and service costs. It may also increase the level of counter-party credit and currency risk faced by the group. 

 

 

 

The group continues to monitor the impact of the wider global economic uncertainty and has developed plans to respond to a range of potential scenarios. This includes specific plans that cater for changes in market conditions, complications with the movement and availability of the workforce, pressure on the supply chain, delays in delivery of materials and components, changes in exchange rates and pricing impact of increased tariff and commodity costs.  

 

Competition 

The broadband telecom sector is highly competitive with low margins. If it does not compete effectively in its market sectors, the group runs the risk of losing market share. Whilst service quality, capability and reputation are considered in customer decisions, price often remains the key determining factor. 

 

 

 

The group mitigates competitive risk by seeking to target projects and deploy its capital where it has a competitive advantage and can manage its costs and risks. The risk profile of every project is assessed at the planning stage to determine whether it is in line with the strategic objectives of the group before approval the project is given. 

Interest Rates 

The group has a floating interest rate exposure linked to SONIA that it pays on its debt facility. Interest rate rises and volatility could increase borrowing costs to the group. 

 

 

 

The group puts in place appropriate levels of hedging instruments to mitigate its exposure to interest rate volatility and ensures long-term financial planning considers a range of interest rate scenarios. 

Regulatory Risk 

There is a risk that regulation imposed by Ofcom, the National Cyber Security Centre ("NCSC") and other regulatory bodies could put constraints on the group's operating model in complying with those regulations causing increased cost and operational disruption. 

 

 

 

The group proactively manages regulatory risk and engages policy and regulatory development at many levels. The group maintains relationships with a diverse set of suppliers in order to mitigate against specific NCSC High Risk Vendor decisions. 

Systems, data, cyber security & GDPR 

A loss of key systems through a lack of resilience or an information security breach or attack, could impact the successful delivery of projects and lead to a loss of confidential data, damaging the group's reputation and brand. 

 

 

 

Robust controls and procedures are in place to monitor the performance of the group's systems and to identify and mitigate external threats. The group is continually developing and upgrading its IT infrastructure, software and cyber threat and assessment capabilities. The group continues to develop and enhance its data protection procedures in line with its regulatory obligations. In addition, all employees undergo mandatory, annual GDPR, phishing, and cyber security training. 

F & W NETWORKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

 

The Group's key financial performance indicators are set out below:

 

 

2024

2023

 

 

 

 

 

 

 

 

Revenue

 

£3.82m

£1.54m

Gross profit

 

£3.73m

£1.49m

EBITDA

 

10.8m)

(£8.5m)

Capital investment cost

 

£102.3m

£75.4m

Total homes passed

 

415,000

400,000

 

 

 

 

 

 

 

 

EBITDA represents the operating loss for the period adding back depreciation and amortisation.

 

Capital investment is made up of the additions in tangible fixed assets for the group and subject to depreciation in line with accounting policies disclosed in note 1.7.

 

Total homes passed is defined as every unique individual Unique Property Reference Number (UPRNs) that discloses every addressable location within the network footprint. UPRN identifiers have an equivalent national grid reference from the Ordnance Survey, but grid references contain multiple UPRN identifiers, for example, a block of flats has one grid reference, but UPRN identifiers for each flat, so this is a more accurate measure of the footprint size.

Financial instruments

The group operates a centralised treasury function which is responsible for managing the liquidity and interest risks associated with the group's activities

 

Interest rate risk

The group finances its operations through bank borrowings and cash resources. The group is exposed to fair value interest rate risk on its variable rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. Full details are disclosed in note 16 to the financial statements in relation to the interest rates.


Management plan to ensure that there is adequate headroom should there be an increase in base rates in order to comply with covenants throughout the term of the bank loan.


Liquidity risk

The group's objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings with a range of maturities. The group seeks to control financial risk by managing its cash and borrowing requirements centrally to maximise interest income and minimise interest expenses, whilst ensuring that it has sufficient liquid resources to meet its foreseeable operating needs. In this way the group invests its cash assets safely. The group finances its operations primarily through a combination of equity funding and bank and other borrowings as required.

 

Price risk

The directors consider that the group's exposure to changing market prices on the values of financial instruments does not have a significant impact on the carrying value of financial assets and liabilities. As such, no specific policies are applied currently, although the directors will continue to monitor the level of price risk and manage its exposure should the need occur.

F & W NETWORKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -

On behalf of the board

C Bock Montero
Director
17 June 2025
F & W NETWORKS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -

The directors present their annual report and financial statements for the period ended 30 September 2024.

 

The group extended its accounting reference date to 30 September 2024, and thus covers a 13 month period.

Principal activities

The principal activity of the group continued to be that of of wired and wireless telecommunications activities.

 

Results and dividends

The results for the period are set out on page 11.

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

Directors

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

C Bock Montero
J Mascaro Rubert
R Tunstall
(Resigned 4 October 2023)
A Thakrar
A Kader Israelski
Firstland B.V.
(Appointed 6 March 2024 and resigned 19 May 2025)
A Porto Dolc
(Appointed 19 May 2025)
Auditor

The auditor, Gerald Edelman LLP, is deemed reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

F & W NETWORKS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
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.

Going concern

Having reviewed the company and group's financial position, additional equity funding secured post period-end and anticipated future results and cash flows against the group's business plan, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the period ended 30 September 2024.

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
C Bock Montero
Director
17 June 2025
F & W NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F & W NETWORKS LTD
- 7 -
Opinion

We have audited the financial statements of F & W Networks Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 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 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 strategic and directors' reports other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the strategic and directors' reports. 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:

F & W NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F & W NETWORKS LTD
- 8 -
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 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.

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.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the period ended 30 September 2024.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

F & W NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F & W NETWORKS LTD
- 9 -

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Audit response to risks identified

Fraud due to management override

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

Irregularities and non-compliance with laws and regulations

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

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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.

 

 

 

 

 

 

 

 

 

 

 

F & W NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F & W NETWORKS LTD
- 10 -

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.

Talha Farrukh FCCA, ACA
Senior Statutory Auditor
For and on behalf of Gerald Edelman LLP
17 June 2025
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
F & W NETWORKS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
Period
Year
ended
ended
30 September
31 August
2024
2023
Notes
£
£
Turnover
3
3,817,439
1,540,247
Cost of sales
(86,797)
(41,517)
Gross profit
3,730,642
1,498,730
Administrative expenses
(19,957,184)
(12,096,181)
Operating loss
4
(16,226,542)
(10,597,451)
Interest payable and similar expenses
7
(2,559,823)
(1,445,270)
Loss before taxation
(18,786,365)
(12,042,721)
Tax on loss
8
-
0
-
0
Loss for the financial period
(18,786,365)
(12,042,721)
Loss for the financial period is all attributable to the owners of the parent company.
F & W NETWORKS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 12 -
Period
Year
ended
ended
30 September
31 August
2024
2023
£
£
Loss for the period
(18,786,365)
(12,042,721)
Other comprehensive income
-
-
Total comprehensive income for the period
(18,786,365)
(12,042,721)
Total comprehensive income for the period is all attributable to the owners of the parent company.
F & W NETWORKS LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 13 -
30 September 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
231,750
114,196
Tangible assets
10
93,421,343
72,397,608
93,653,093
72,511,804
Current assets
Debtors
13
2,695,626
5,740,152
Cash at bank and in hand
793,207
610,619
3,488,833
6,350,771
Creditors: amounts falling due within one year
14
(34,442,659)
(11,007,179)
Net current liabilities
(30,953,826)
(4,656,408)
Total assets less current liabilities
62,699,267
67,855,396
Creditors: amounts falling due after more than one year
15
(358,386)
(18,679,688)
Net assets
62,340,881
49,175,708
Capital and reserves
Called up share capital
18
52,049,146
39,116,581
Share premium account
51,145,216
32,126,243
Profit and loss reserves
(40,853,481)
(22,067,116)
Total equity
62,340,881
49,175,708

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 17 June 2025 and are signed on its behalf by:
17 June 2025
C Bock Montero
Director
Company registration number 11514559 (England and Wales)
F & W NETWORKS LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
30 September 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
93,421,175
72,397,030
Investments
11
1
1
93,421,176
72,397,031
Current assets
Debtors
13
25,694,149
16,038,563
Cash at bank and in hand
719,932
264,599
26,414,081
16,303,162
Creditors: amounts falling due within one year
14
(34,006,358)
(10,438,464)
Net current (liabilities)/assets
(7,592,277)
5,864,698
Total assets less current liabilities
85,828,899
78,261,729
Creditors: amounts falling due after more than one year
15
(358,386)
(18,679,688)
Net assets
85,470,513
59,582,041
Capital and reserves
Called up share capital
18
52,049,146
39,116,581
Share premium account
51,145,216
32,126,243
Profit and loss reserves
(17,723,849)
(11,660,783)
Total equity
85,470,513
59,582,041

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year £6,063,066 (2023: - £5,260,555 loss).

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 17 June 2025 and are signed on its behalf by:
17 June 2025
C Bock Montero
Director
Company registration number 11514559 (England and Wales)
F & W NETWORKS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
27,173,924
-
0
(10,024,395)
17,149,529
Year ended 31 August 2023:
Loss and total comprehensive income
-
-
(12,042,721)
(12,042,721)
Issue of share capital
18
11,942,657
32,126,243
-
44,068,900
Balance at 31 August 2023
39,116,581
32,126,243
(22,067,116)
49,175,708
Period ended 30 September 2024:
Loss and total comprehensive income
-
-
(18,786,365)
(18,786,365)
Issue of share capital
18
12,932,565
19,018,973
-
31,951,538
Balance at 30 September 2024
52,049,146
51,145,216
(40,853,481)
62,340,881
F & W NETWORKS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
27,173,924
-
0
(6,400,228)
20,773,696
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(5,260,555)
(5,260,555)
Issue of share capital
18
11,942,657
32,126,243
-
44,068,900
Balance at 31 August 2023
39,116,581
32,126,243
(11,660,783)
59,582,041
Period ended 30 September 2024:
Profit and total comprehensive income
-
-
(6,063,066)
(6,063,066)
Issue of share capital
18
12,932,565
19,018,973
-
31,951,538
Balance at 30 September 2024
52,049,146
51,145,216
(17,723,849)
85,470,513
F & W NETWORKS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(9,157,807)
(4,244,676)
Interest paid
(2,559,823)
(1,445,270)
Net cash outflow from operating activities
(11,717,630)
(5,689,946)
Investing activities
Purchase of intangible assets
(204,708)
(85,706)
Purchase of tangible fixed assets
(26,525,310)
(45,252,979)
Net cash used in investing activities
(26,730,018)
(45,338,685)
Financing activities
Proceeds from issue of shares
31,951,538
44,068,900
Drawdown of borrowings
40,261
318,125
Drawdown of bank loans
6,638,437
6,495,152
Net cash generated from financing activities
38,630,236
50,882,177
Net increase/(decrease) in cash and cash equivalents
182,588
(146,454)
Cash and cash equivalents at beginning of period
610,619
757,073
Cash and cash equivalents at end of period
793,207
610,619
F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 18 -
1
Accounting policies
Company information

F & W Networks Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT. The trading address is 25 Wilton Road, Victoria, London, SW1V 1LW.

 

The group consists of F & W Networks Ltd and its subsidiary undertaking.

1.1
Reporting period

The reporting period is for the 13 months to 30 September 2024. Comparatives are for the year ended 31 August 2023.

1.2
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 the primary statements are rounded to the nearest £.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company F & W Networks 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 30 September 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.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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

1.4
Going concern

Having reviewed the company and group's financial position, additional equity funding secured post year-end and anticipated future results and cash flows against the group's business plan, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the period ended 30 September 2024.

1.5
Turnover

Turnover is attributable to the sale of high speed internet broadband and the installation of the infrastructure related to that provision. Turnover is recognised net of sales tax and discounts when the amount of turnover can be reliably measured.

Installation fees are recognised on acceptance of each contract.

 

Turnover from internet and broadband services provided to residential customers are recognised on a monthly basis commencing when the services are provided.

1.6
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 asset is separable from the entity.

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:

Website
Straight line over 3 years
1.7
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, fittings and equipment
Straight line over 3 years
Computers
Straight line over 3 years
Network assets
Straight line over 10 to 20 years
Exchange equipment
Straight line over 7 years
Installations
Straight line over 5 years

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.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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.

1.9
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.

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.

1.10
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.

1.11
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.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

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 and bank loans 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.

1.12
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.

1.13
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 the profit and loss account.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 22 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales of services
3,817,439
1,540,247

All turnover is derived in the United Kingdom.

4
Operating loss
2024
2023
£
£
Operating loss for the period is stated after charging:
Exchange losses
11,261
12,523
Depreciation of owned tangible fixed assets
5,501,575
2,046,020
Amortisation of intangible assets
87,154
24,827
Operating lease charges
154,323
145,713

Included under administrative expenses are amortised funding fees of £551,415 (2023:  £384,884) related to the loans.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 23 -
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
80,000
80,000
Audit of the financial statements of the company's subsidiaries
18,000
14,000
98,000
94,000
For other services
All other non-audit services
6,000
4,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
60
87
40
72

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,444,584
1,448,281
665,781
848,375
Social security costs
193,755
144,351
99,816
86,865
Pension costs
24,040
20,200
11,817
11,517
1,662,379
1,612,832
777,414
946,757
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,525,735
1,243,257
Other interest on financial liabilities
33,612
201,935
Other interest
476
78
Total finance costs
2,559,823
1,445,270
F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 24 -
8
Taxation
2024
2023
£
£
Total current tax
-
-

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

2024
2023
£
£
Loss before taxation
(18,786,365)
(12,042,721)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(4,696,591)
(3,010,680)
Tax effect of expenses that are not deductible in determining taxable profit
1,573
6,781
Unutilised tax losses carried forward
10,859,434
10,422,310
Permanent capital allowances in excess of depreciation
(6,164,416)
(7,418,411)
Taxation charge
-
-

The group has tax losses carried forward of approximately £130.4m (2023: £87m) to utilise against future profits. No deferred tax asset has been recognised on these losses due to the uncertainty of when they will be utilised.

9
Intangible fixed assets
Group
Website
£
Cost
At 1 September 2023
150,525
Additions
204,708
At 30 September 2024
355,233
Amortisation and impairment
At 1 September 2023
36,329
Amortisation charged for the period
87,154
At 30 September 2024
123,483
Carrying amount
At 30 September 2024
231,750
At 31 August 2023
114,196
The company had no intangible fixed assets at 30 September 2024 or 31 August 2023.
F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
10
Tangible fixed assets
Group
Plant and machinery etc
Computers
Total
£
£
£
Cost
At 1 September 2023
75,409,730
1,229
75,410,959
Additions
26,525,310
-
0
26,525,310
At 30 September 2024
101,935,040
1,229
101,936,269
Depreciation and impairment
At 1 September 2023
3,012,700
651
3,013,351
Depreciation charged in the period
5,501,165
410
5,501,575
At 30 September 2024
8,513,865
1,061
8,514,926
Carrying amount
At 30 September 2024
93,421,175
168
93,421,343
At 31 August 2023
72,397,030
578
72,397,608
Company
Plant and machinery etc
£
Cost
At 1 September 2023
75,409,730
Additions
26,525,310
At 30 September 2024
101,935,040
Depreciation and impairment
At 1 September 2023
3,012,700
Depreciation charged in the period
5,501,165
At 30 September 2024
8,513,865
Carrying amount
At 30 September 2024
93,421,175
At 31 August 2023
72,397,030
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
1
1
F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
11
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 30 September 2024
1
Carrying amount
At 30 September 2024
1
At 31 August 2023
1
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Hey Broadband Ltd
3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT
Telecommunications activities
Ordinary
100
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
632,317
234,509
385,191
155,731
Amounts owed by group undertakings
-
-
22,665,102
9,666,672
Other debtors
1,842,560
4,558,689
1,722,484
4,533,880
Prepayments and accrued income
220,749
946,954
921,372
1,682,280
2,695,626
5,740,152
25,694,149
16,038,563

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

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 27 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
25,000,000
-
0
25,000,000
-
0
Trade creditors
1,349,375
4,072,070
1,050,565
3,634,473
Other taxation and social security
65,115
104,608
34,707
87,090
Other creditors
174,259
11,751
164,143
8,468
Accruals and deferred income
7,853,910
6,818,750
7,756,943
6,708,433
34,442,659
11,007,179
34,006,358
10,438,464
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
-
0
18,361,563
-
0
18,361,563
Other loans
16
358,386
318,125
358,386
318,125
358,386
18,679,688
358,386
18,679,688
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank and other loans
25,000,000
18,361,563
25,000,000
18,361,563
Other loans
358,386
318,125
358,386
318,125
25,358,386
18,679,688
25,358,386
18,679,688
Payable within one year
25,000,000
-
0
25,000,000
-
0
Payable after one year
358,386
18,679,688
358,386
18,679,688

On 16 June 2022, the group arranged a 2.5-year, £25,000,000 million bank loan facility bearing a margin of 4.5% + the 'Cumulative Compounded RFR Rate' based on the SONIA rate. Interest is payable quarterly and the principal sum is repayable at the end of the loan term. The full loan balance is repayable on 16 December 2024.

 

Santander UK Plc have a fixed and floating charge over the assets of the group.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 28 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,040
20,200

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.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
39,116,581
39,116,581
39,116,581
39,116,581
Ordinary B of £1 each
12,932,565
-
12,932,565
-
52,049,146
39,116,581
52,049,146
39,116,581

On 4 October 2023, a special resolution was passed creating a new class of Ordinary share, the B Ordinary Share.

Both the Ordinary shares and Ordinary B shares have full voting and dividend rights. Additionally the Ordinary B shares have anti-dilution provisions in the event of a down-round.

On 4 October 2023, 3,120,000 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

On 4 December 2023, 1,320,000 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

On 18 January 2024, 514,279 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

On 4 March 2024, 1,114,287 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

On 30 September 2024, 6,863,999 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 29 -
19
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
227,116
142,793
227,116
142,793
Between two and five years
127,283
308,951
127,283
308,951
354,399
451,744
354,399
451,744
20
Events after the reporting date

On 11 February 2025, 3,551,881 B Ordinary shares of £1 each were issued and paid for cash at a premium of £2.50.

 

 

On 17 April 2025, an agreement was reached with Santander to renew the £25m the banking facility until December 2028.

 

 

21
Related party transactions

The group has taken advantage of the exemption available in FRS 102 section 33.1A, whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertaking of the group.

 

During the period, management fees amounting to £588,781 (2023: £543,478) were charged by a company for services provided. F Martinez Sanchez and C Bock Montero are directors and shareholders in that entity. At the period end the company was owed £1,222,839 (2023: £634,058) by the group.

 

During the period, fees amounting to £1,207,049 (2023: £1,273,267) were paid to companies in which C Bock Montero is a shareholder. At the period end this company was owed £257,495 (2023: £144,176) by the group.

22
Controlling party

From 4 October 2023, the company’s immediate parent company became Foresight Fibre Holdco Limited, a company incorporated in England and Wales. On this date the ultimate parent undertaking became Averon Park Limited, a company incorporated in England and Wales.

 

In the opinion of the directors, there is no one single ultimate controlling party.

F & W NETWORKS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 30 -
23
Cash absorbed by group operations
2024
2023
£
£
Loss for the period after tax
(18,786,365)
(12,042,721)
Adjustments for:
Finance costs
2,559,823
1,445,270
Amortisation and impairment of intangible assets
87,154
24,827
Depreciation and impairment of tangible fixed assets
5,501,575
2,046,020
Movements in working capital:
Decrease/(increase) in debtors
3,044,526
(4,173,680)
(Decrease)/increase in creditors
(1,564,520)
8,455,608
Cash absorbed by operations
(9,157,807)
(4,244,676)
24
Analysis of changes in net debt - group
1 September 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
610,619
182,588
793,207
Borrowings excluding overdrafts
(18,679,688)
(6,678,698)
(25,358,386)
(18,069,069)
(6,496,110)
(24,565,179)
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