Company registration number 02209595 (England and Wales)
TBA LEICESTER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TBA LEICESTER LIMITED
COMPANY INFORMATION
Directors
Mr A McKaig
Mr J Vanhanen
Mr MT Tulokas
(Appointed 9 January 2025)
Secretary
Mr A McKaig
Company number
02209595
Registered office
Lancer House
38 Scudamore Road
Leicester
LE3 1UQ
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
TBA LEICESTER LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
TBA LEICESTER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that software development services, software installation services, software support & maintenance services. The principal activities of the business are expected to continue for the foreseeable future.

Review of the business

The profit and loss account is set out on page 12 to the financial statements. Turnover for the year was £9,638,028 (2023: £6,293,114) generating a loss after taxation of £5,470,111 (2023: £8,298,928).

As at 31 December 2024 Shareholders' funds were in deficit of £3,841,482 (2023: deficit of £6,371,371).

Principal risks and uncertainties

The Group Board meets regularly and considers and discusses all risks and uncertainties facing the Group across the world. The principal risks and uncertainties facing and managed by the company are as follows:

 

Competition risks

The Company has a diverse range of customers across many industries so it is not exposed to a single sector. Competition can be strong in all areas, however the Company prides itself' on its high level of customer service. The revenue is always exposed to potential seasonal fluctuations.

 

Legislative risk

The Company perceives a very low risk where legislation is concerned as it is primarily a service provider.

Financial risk

The Company has established a risk and financial management framework whose primary objectives are to protect the Group from events that hinder the achievement of its performance objectives. The objectives aim to ensure sufficient working capital exists and monitor the management of risk at a business unit level. It is group policy that subsidiaries should minimise risk with regard to currency transactions. The group also supports individual subsidiaries by making commercial loans when required.

 

The Company's principal financial liabilities are Inter-company loan, trade and other payables. The Group's financial assets are bank balances, cash and trade and other receivables. The bank balances are controlled in order to ensure sufficient funds are available for the Group to meet its business needs. The financial assets and liabilities are stated at fair value and after allowances for doubtful receivables.

Credit, liquidity and cash flow risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Group policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate and significantly long payment history and who satisfy creditworthiness procedures.

 

Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation from its operations and applying cash collection targets throughout the Group.

 

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments. The group manages such a risk which is minimal by ensuring adequate group loan facilities exist which are not used in the normal course of business.

TBA LEICESTER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance

Despite being a challenging and difficult year due to the war in Israel and economic recession the Company had another decent year in 4 out of 5 sectors in which it operates. During the year the Warehouse business continued its recent revenue growth, as a result of the Company concentrating on its core activities. Service revenue remained steady for the year. This has reduced the risks associated with the business and has allowed for sale of more than one service to many of the Company's clients.

 

 

Total operating loss decreased by 40% to £5,916,911, largely as a result of increasing sales during the year and the effect of an exceptional contract loss provision of £3.7 million in the prior year.

 

The net liabilities value of the Company decreased by 40% from £6,371,371 to £3,841,482 reflecting the losses for the year as well as the £8,000,000 consideration as part of its share issue during the year. The Group's "quick ratio" (current assets, less stock, as a percentage of current liabilities) increased to 68%

Since the Company does not manufacture products, there is minimal environmental impact. However, the Company does give consideration to such factors when selecting suppliers and also attempts to recycle as much waste product as possible.

 

Great emphasis is placed on Health and Safety within the business and therefore it is prominent on the agenda of all Management meetings. The company remains committed to achieving excellence in safety, health and environmental performance through proactive management and employee involvement. The company recognises that, even with the quality of its products and services, success could not be achieved without the dedication and professionalism of all its employees.

 

The company continues to invest in people, information systems and to improve its business efficiency despite the uncertainty in current global markets and particularly in its European markets. In addition, the group continues to invest technology to enhance customer operations in respect of safety and productivity. Against this background investment, the company expects future business growth in an increasingly competitive market.

Key performance indicators

 

2024

2023

Change

 

 

 

 

 

£

£

 

Turnover

9,638,028

6,293,114

53%

Operating loss

(5,916,911)

(9,937,037)

-40%

Loss after tax

(5,470,111)

(8,298,928)

-34%

Equity shareholders' funds

(3,841,482)

(6,401,371)

-40%

Quick ratio

68%

37%

53%

Average number of employees

106

105

1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TBA LEICESTER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

In addition to these the Group also have the following non-financial KPI's:

 

On behalf of the board

Mr A McKaig
Director
25 June 2025
TBA LEICESTER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

Mr A McKaig
Mr P Van Til
(Resigned 27 December 2024)
Mr J Vanhanen
Mr J Pankakoski
(Resigned 27 December 2024)
Mr MT Tulokas
(Appointed 9 January 2025)
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.

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 company and of the profit or loss of the company 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 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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

TBA LEICESTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
On behalf of the board
Mr A McKaig
Director
25 June 2025
TBA LEICESTER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TBA LEICESTER LIMITED
- 6 -
Opinion

We have audited the financial statements of TBA Leicester Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, 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 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 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.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TBA LEICESTER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TBA LEICESTER LIMITED (CONTINUED)
- 7 -
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 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 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 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 collusions. The extent to which our procedures are capable of detecting irregularities including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

TBA LEICESTER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TBA LEICESTER LIMITED (CONTINUED)
- 8 -

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

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Ahsan Miraj (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
25 June 2025
TBA LEICESTER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
9,638,028
6,293,114
Cost of sales
(7,546,111)
(14,577,631)
Gross profit/(loss)
2,091,917
(8,284,517)
Administrative expenses
(2,802,007)
(2,246,931)
Other operating income
807,700
594,411
Exceptional item
4
(6,014,521)
-
0
Operating loss
6
(5,916,911)
(9,937,037)
Interest receivable and similar income
10
-
0
2,338
Interest payable and similar expenses
11
(952,013)
(474,727)
Loss before taxation
(6,868,924)
(10,409,426)
Tax on loss
12
1,398,813
2,110,498
Loss for the financial year
(5,470,111)
(8,298,928)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TBA LEICESTER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Loss for the year
(5,470,111)
(8,298,928)
Other comprehensive income
-
-
Total comprehensive income for the year
(5,470,111)
(8,298,928)
TBA LEICESTER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
-
0
6,014,521
Tangible assets
14
157,317
220,431
157,317
6,234,952
Current assets
Debtors
15
5,982,574
4,365,796
Cash at bank and in hand
2,117,256
780,283
8,099,830
5,146,079
Creditors: amounts falling due within one year
16
(11,827,659)
(13,994,629)
Net current liabilities
(3,727,829)
(8,848,550)
Total assets less current liabilities
(3,570,512)
(2,613,598)
Creditors: amounts falling due after more than one year
17
(2,442)
(31,749)
Provisions for liabilities
Provisions
20
268,528
3,726,024
(268,528)
(3,726,024)
Net liabilities
(3,841,482)
(6,371,371)
Capital and reserves
Called up share capital
22
22,001
22,000
Capital redemption reserve
23
-
0
8,000
Profit and loss reserves
24
(3,863,483)
(6,401,371)
Total equity
(3,841,482)
(6,371,371)

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr A McKaig
Director
Company registration number 02209595 (England and Wales)
TBA LEICESTER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
22,000
-
0
8,000
1,897,557
1,927,557
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(8,298,928)
(8,298,928)
Balance at 31 December 2023
22,000
-
0
8,000
(6,401,371)
(6,371,371)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(5,470,111)
(5,470,111)
Issue of share capital
22
1
7,999,999
-
-
8,000,000
Transfers
-
(7,999,999)
(8,000)
8,007,999
-
Balance at 31 December 2024
22,001
-
0
-
0
(3,863,483)
(3,841,482)
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

TBA Leicester Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancer House, 38 Scudamore Road, Leicester, UK, LE3 1UQ.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Konecranes Plc. These consolidated financial statements are available from Konecranes Plc, PO Box 661, Koneenkatu 8, FI-05801, Hyvinka, Finland.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The directors are required to consider the application of the going concern concept when signing financial statements. The principal element required to meet the test is sufficient liquidity for a period of at least twelve months subsequent to the date of signing the accounts, The company forecasts it will have sufficient liquidity. In doing so the directors have funding by way of a letter of support from a fellow group company confirming its provision of financial support for a 12 month period from the date of approval of the balance sheet. The company is also in negotiations with its parent company to receive a significant capital contribution which would ensure that its balance sheet is restored to a net assets position. true

1.3
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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 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:

Software
33.33% Straight line
Development costs
Still under development
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 land and buildings
10% Straight line
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
Computers
33.33% Straight line

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.8
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.

1.9
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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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

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

 

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

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

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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 - long-term contract accounting

The company generates revenue from long term contracts. This often requires judgement to be applied in estimating the stage of completion of the contract at the balance sheet date based on the forecast total contract costs that are expected to be incurred on the contract. Where actual results differ to the estimates made, this could result in a significant impact on the company's financial results.

Development costs

Accounting for development costs can be complex and involve significant judgements management must make such as:

 

 

The significant level of inherent uncertainty means that actual results may differ from estimates.

 

In assessing the expected future economic benefits, it is necessary to use reasonable and supportable assumptions that represents management's best estimates of the economic conditions that will exist over the useful life of the asset. This requires judgement on the likelihood of associated cashflows on evidence currently available giving greater weight to external evidence.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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.

Provision for project losses

The company recognises provisions for onerous contracts in accordance with FRS 102 Section 21, where the unavoidable costs of fulfilling a software development contract exceed the expected economic benefits.

 

Estimating these provisions involves significant judgement, particularly in assessing:

 

 

Management reviews all active contracts quarterly to reassess cost forecasts and delivery risks.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Software
5,489,088
2,270,373
Support and licences
4,148,940
4,022,741
9,638,028
6,293,114
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,797,106
3,197,285
Rest of the world
4,840,922
3,095,829
9,638,028
6,293,114
2024
2023
£
£
Other revenue
Interest income
-
2,338

The amount of contract revenue arising on construction contracts recognised as turnover in the year was £5,075,712 (2023: £1,859,994).

4
Exceptional item
2024
2023
£
£
Expenditure
Profit or loss on disposal of intangible assets
6,014,521
-
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
5
Other operating income

Other operating income comprised rental income £148,248 (2023: £194,565) and an RDEC claim of £659,452 (2023­: £399,846).

6
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
21,222
34,078
Research and development costs
116,971
152,482
Depreciation of owned tangible fixed assets
69,577
64,515
Depreciation of tangible fixed assets held under finance leases
18,357
18,357
Loss/(profit) on disposal of tangible fixed assets
270
(2,769)
Amortisation of intangible assets
-
1,708
Operating lease charges
350,000
339,828
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
27,000
For other services
Other assurance services
8,500
-
0
8
Employees

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

2024
2023
Number
Number
Direct labour
94
93
Sales and administrative staff
8
8
Directors
4
4
Total
106
105
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,292,811
5,629,086
Social security costs
754,153
672,241
Pension costs
234,097
124,706
7,281,061
6,426,033
9
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
164,160
150,824
Company pension contributions to defined contribution schemes
16,786
14,731
180,946
165,555

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

10
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
2,338
11
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
952,013
474,040
Other interest
-
0
687
952,013
474,727
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on losses for the current period
(1,392,868)
(2,305,988)
Adjustments in respect of prior periods
(5,945)
183,856
Total current tax
(1,398,813)
(2,122,132)
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
-
0
11,634
Total tax credit
(1,398,813)
(2,110,498)

On 1 April 2024, the applicable corporation tax rate increased from 19% to 25%. The effective corporation tax rate for the comparative period was therefore apportioned and was equal to 23.52%. The effective corporation tax rate for the reporting period is 25%.

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

2024
2023
£
£
Loss before taxation
(6,868,924)
(10,409,426)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(1,717,231)
(2,448,297)
Tax effect of expenses that are not deductible in determining taxable profit
5,522
4,666
Unutilised tax losses carried forward
(178,502)
286,753
Group relief
136,077
-
0
Permanent capital allowances in excess of depreciation
361,266
(23,365)
Under/(over) provided in prior years
(5,945)
62,426
Deferred tax debit/(credit)
-
0
11,634
Release of provision
-
0
(4,315)
Taxation credit for the year
(1,398,813)
(2,110,498)
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 January 2024
108,552
6,014,521
6,123,073
Disposals
(108,552)
(6,014,521)
(6,123,073)
At 31 December 2024
-
0
-
0
-
0
Amortisation and impairment
At 1 January 2024
108,552
-
0
108,552
Disposals
(108,552)
-
0
(108,552)
At 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
6,014,521
6,014,521
14
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
200,029
680
170,618
769,944
1,141,271
Additions
-
0
-
0
-
0
25,385
25,385
Disposals
-
0
(680)
(21,481)
(305,239)
(327,400)
At 31 December 2024
200,029
-
0
149,137
490,090
839,256
Depreciation and impairment
At 1 January 2024
113,091
599
150,028
657,122
920,840
Depreciation charged in the year
20,003
14
8,662
59,255
87,934
Eliminated in respect of disposals
-
0
(613)
(21,481)
(304,741)
(326,835)
At 31 December 2024
133,094
-
0
137,209
411,636
681,939
Carrying amount
At 31 December 2024
66,935
-
0
11,928
78,454
157,317
At 31 December 2023
86,938
81
20,590
112,822
220,431
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 25 -

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

2024
2023
£
£
Computers
40,199
58,556
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,862,493
1,073,450
Gross amounts owed by contract customers
90,811
54,198
Corporation tax recoverable
792,721
269,346
Amounts owed by group undertakings
1,941,357
2,616,391
Other debtors
-
0
838
Prepayments and accrued income
295,192
351,573
5,982,574
4,365,796
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
29,307
29,307
Other borrowings
18
7,900,000
8,750,000
Payments received on account
836,842
2,583,669
Trade creditors
225,014
387,975
Amounts owed to group undertakings
465,963
713,423
Taxation and social security
639,353
338,393
Other creditors
55,104
5,440
Accruals and deferred income
1,676,076
1,186,422
11,827,659
13,994,629
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
2,442
31,749
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
18
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
7,900,000
8,750,000
Payable within one year
7,900,000
8,750,000

The loan from group undertakings is unsecured, carries interest of 2.02% and is repayable on demand.

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
29,307
29,307
In two to five years
2,442
31,749
31,749
61,056

Finance lease payments represent rentals payable by the company for certain items of computer equipment. The average lease term is 36 months and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Provisions for liabilities
2024
2023
£
£
Project loss provisions
268,528
3,726,024
Movements on provisions:
Project loss provisions
£
At 1 January 2024
3,726,024
Reversal of provision
(3,457,496)
At 31 December 2024
268,528

In line with FRS 102, the company has recognised a provision of £268,528 (2023: £3,726,024) for expected losses on a major ongoing contract, where total estimated costs are expected to exceed total contract revenue. During the year, costs of £4,560,424 (2023: £5,224,239) were incurred, with further costs anticipated in 2025 to complete the project. The provision reflects management’s best estimate based on current information and assumes future activity levels will be consistent with the current period; however, it is subject to estimation uncertainty.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
234,097
124,706

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
19,801
19,800
19,801
19,800
Ordinary B shares of £1 each
2,200
2,200
2,200
2,200
22,001
22,000
22,001
22,000

On 12 June 2024 the company issued 1 ordinary A share of £1 each for consideration off £8,000,000.

 

All shares issued are non-redeemable and rank equally in terms of (a) voting rights - one vote for each share; (b) rights to participate in all approved dividend distributions for that class of share. Holders of Ordinary A shares also hold rights to participate in any capital distribution on winding up.

23
Capital redemption reserve
2024
2023
£
£
At the beginning of the year
8,000
8,000
Other movements
(8,000)
-
At the end of the year
-
0
8,000
24
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(6,401,371)
1,897,557
Loss for the year
(5,470,111)
(8,298,928)
Other
8,007,999
-
At the end of the year
(3,863,483)
(6,401,371)
TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
25
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
350,000
300,000
Between two and five years
770,959
900,000
1,120,959
1,200,000
Lessor

The operating leases represent a lease to third parties. The lease was negotiated over terms of 8 years. There are no options in place for either party to extend the lease terms.

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

 

2024
2023
£
£
Within one year
82,500
75,000
Between two and five years
116,178
178,150
198,678
253,150
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
-
0
-
0
12,489
7,837
Fellow subsidiaries
679,633
357,807
3,735,729
2,813,941
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
8,045
7,837
Fellow subsidiaries
8,357,918
9,455,586

Apart from borrowings in the amount of £7,900,000 (2023: £8,750,000) which carries interest of 2.02%, all above balances are unsecured, interest-free and to be settled in cash.

TBA LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Fellow subsidiaries
1,941,357
2,616,391

Apart from borrowings in the amount of £7,900,000 (2023: £8,750,000) which carries interest of 2.02%, all above balances are unsecured, interest-free and to be settled in cash.

27
Ultimate controlling party

The company's immediate parent company is Port Software Solutions BV, a company incorporated in the Netherlands.

The ultimate parent and controlling party is Konecranes Plc, a company incorporated in Finland, that owns 100% of the company's share capital. Konecranes Plc is the largest and smallest group undertaking to consolidate the company's financial statements. Copies of the group financial statements are available from Konecranes PIc, PO Box 66l, Koneenkatu 8. F1-058DI, Hyvinkaa, Finland.

2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr P Van TilMr J VanhanenMr J PankakoskiMr MT TulokasMarko TulokasMr A 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