Company registration number 03295160 (England and Wales)
BEAVER MANAGEMENT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BEAVER MANAGEMENT SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr A Shipley
Mr I Cole-Wilkins
Ms L Gratton
Mr D Maund
(Appointed 2 April 2024)
Mr D Beales
(Appointed 2 April 2024)
Mr A Carlin
(Appointed 2 April 2024)
Company number
03295160
Registered office
20 Manor Way
Belasis Business Park
Billingham
TS23 4HN
Auditor
PKF Francis Clark
90 Victoria Street
Bristol
BS1 6DP
BEAVER MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 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 - 26
BEAVER MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The principal activity of the company continued to be that of the provision of temporary and permanent labour, construction and civil engineering projects along with ancillary support services to all industries.
The prior year was 16 month period turnover £81,461,748 compared to the current 12 month period turnover of £76,525,634 resulting in a decrease of 6%.
Gross profit margin increased slightly to 8.77% compared to 8.19% for the prior year. The directors expect a small increase again in the following year.
The Company reports an operating profit for the year of £3,236,157 (2023 - 16 month period - £2,369,629). After interest receivable and payable, the Company reports a profit before taxation of £3,192,848 (2023 - 16 month period - £1,533,544).
At 30 September 2024 the company had net current assets of £4,373,139 (2023 - £1,203,515) and net assets of £5,139,966 (2023 - £3,227,567).
In the current financial year ending 30 September 2025, performance to date has been strong. Gross profit margin has increased to 9.53%, with turnover tracking 23% above budget. Operating costs are running 16% above budget; however, the company is still reporting a profit 40% above budget. Cash balances remain strong, supporting the ongoing utilisation of surplus cash within the wider group to reduce borrowing and interest costs in other entities.
Going concern
At the time of approving these financial statements, the directors have assessed the company’s ability to continue as a going concern and are satisfied that it has adequate resources to remain operational for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
As at 30 September 2024, the company held a net cash position of £263,753 and reported net assets of £5,139,966. The directors have prepared and reviewed forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts incorporate expected trading performance, operating costs, and working capital requirements. The forecasts indicate that the company will continue to meet its obligations as they fall due.
The directors have also considered the company’s position within the wider ICF Group. While the company operates with a strong degree of financial independence, surplus cash may be utilised by the Group as part of its centralised treasury arrangements. The Group is expected to continue to trade profitably and maintain sufficient liquidity across its operations.
The directors have considered solvency and liquidity risks as part of their assessment. No material uncertainties have been identified that cast significant doubt on the company’s ability to continue as a going concern.
This going concern assessment reflects all known events and conditions up to the date of approval of these financial statements.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could have an impact on the company’s performance.
These risks and uncertainties are monitored by the Board on a regular basis.
Management consider that the principal risks and uncertainties facing the business are as follows:
Market dependency and general economic conditions
The company operates in sectors that are influenced by broader economic conditions, particularly construction and infrastructure. While there is some sensitivity to fluctuations in project timing or funding, this is mitigated by ongoing government spending commitments in infrastructure and housing, which continue to support demand. The company also benefits from strong client relationships, framework agreements, and a diversified customer base across multiple industries.
BEAVER MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Labour supply and personnel risk
The company’s success is dependent on access to a reliable pool of skilled and compliant labour. Shortages of qualified workers — particularly in specialist civil engineering roles — can affect the company’s ability to fulfil contracts. The business invests in staff development and retention strategies, and continues to build strong relationships with subcontractor networks and workforce partners. Succession planning for key internal roles remains a priority for the Board.
Financial risk and cash flow management
The company operates a high-volume, low-margin model where prompt payment from customers is critical to maintaining positive cash flow. Delays in customer payment, particularly from large contractors, could affect working capital. The company continues to invest in robust credit control, maintains good communication with clients, and regularly reviews cash flow forecasts. Surplus funds are actively managed, and the wider Group structure allows flexibility in the use of cash resources across entities to reduce group borrowing and interest costs.
Regulatory and legislative risk – employment and tax
Given the nature of its workforce, the company is exposed to frequent changes in employment, agency worker, and tax legislation, including IR35 and the Construction Industry Scheme (CIS). Non-compliance could result in financial penalties or reputational damage. The company mitigates this through regular engagement with legal and compliance advisers, and by working closely with its clients and labour supply partners to ensure processes and documentation remain robust.
Development and performance
The company introduced its own internally developed software during the period to improve processes and prioritise staff wellbeing whilst maintaining high level service delivery to customers.
Key performance indicators
Key financial indicators are turnover and gross profit margin which indicate sustainable growth and stability of the company.
Details of these are provided in the review of business section above.
A key non-financial indicator is the number of employees required to sustain operations.
Mr I Cole-Wilkins
Director
15 July 2025
BEAVER MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of provision of temporary and permanent labour, construction and civil engineering projects and ancillary support services to all industries.
Results and dividends
A fair review of the business is set out in the Strategic Report on page 1.
Ordinary interim dividends were paid amounting to £620,820. The directors do not propose 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 Shipley
Mr I Cole-Wilkins
Ms L Gratton
Mr D Maund
(Appointed 2 April 2024)
Mr D Beales
(Appointed 2 April 2024)
Mr A Carlin
(Appointed 2 April 2024)
Auditor
PKF Francis Clark were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
BEAVER MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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.
Information included in the Strategic Report
For description of future developments and principal risks please see the strategic report on page 1.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of going concern, future trading, risks and uncertainties, KPIs and the decisions of the board.
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.
On behalf of the board
Mr I Cole-Wilkins
Director
15 July 2025
BEAVER MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAVER MANAGEMENT SERVICES LIMITED
- 5 -
Opinion
We have audited the financial statements of Beaver Management Services Limited (the 'company') for the year ended 30 September 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 a summary of the 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:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
BEAVER MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAVER MANAGEMENT SERVICES LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, set out on page 3, 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
BEAVER MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAVER MANAGEMENT SERVICES LIMITED (CONTINUED)
- 7 -
As part of our planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company's website for indication of the regulations and certifications in place and discussed these with the relevant individuals responsible for compliance.
The key regulations we identified were employment law, health and safety regulations, tax legislation, Environmental Act 2021, and anti-bribery. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK Generally Accepted Accounting Practice and the Companies Act 2006.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of non-compliance with laws and regulations on the company's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
- Review the legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Engaged with our tax specialists to review the company's compliance with employment and corporate tax legislation.
As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We assessed the susceptibility of the financial statements to material misstatements through management override or fraud and obtained an understanding of the controls in place to mitigate the manipulation of the financial statements. The key risk we identified was manipulation of results with the principal risks relating to cut off of revenue arising from long term contracts. Based upon our understanding we designed and conducted audit procedures including:
- We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
-We challenged assumptions and judgements made by management in its significant accounting estimates, in particular around long term construction contracts, provisions and accruals.
- Performed accuracy and cut off procedures on long term contracts.
- Performed occurrence testing on revenue recognised in the year.
- Investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are less likely to become aware of instances of non-compliance with laws and regulations that are closely related to events and transactions reflected in the financial statements.
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.
BEAVER MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAVER MANAGEMENT SERVICES LIMITED (CONTINUED)
- 8 -
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.
Paul Putnam (Senior Statutory Auditor)
For and on behalf of PKF Francis Clark, Statutory Auditor
90 Victoria Street
Bristol
BS1 6DP
15 July 2025
BEAVER MANAGEMENT SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Year
Period
ended
ended
30 September
30 September
2024
2023
as restated
Notes
£
£
Turnover
3
76,525,634
81,461,748
Cost of sales
(69,813,319)
(74,790,563)
Gross profit
6,712,315
6,671,185
Administrative expenses
(3,583,873)
(5,067,618)
Other operating income
107,715
766,062
Operating profit
4
3,236,157
2,369,629
Interest receivable and similar income
8
638,098
9,838
Interest payable and similar expenses
9
(681,407)
(845,913)
Profit before taxation
3,192,848
1,533,554
Tax on profit
10
(659,629)
(318,751)
Profit for the financial year
2,533,219
1,214,803
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BEAVER MANAGEMENT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Year
Period
ended
ended
2024
2023
as restated
£
£
Profit for the year
2,533,219
1,214,803
Other comprehensive income
-
-
Total comprehensive income for the year
2,533,219
1,214,803
BEAVER MANAGEMENT SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
768,199
769,472
Investments
13
1,264,255
768,199
2,033,727
Current assets
Debtors
14
17,657,111
13,546,212
Cash at bank and in hand
263,753
880,653
17,920,864
14,426,865
Creditors: amounts falling due within one year
15
(13,547,725)
(13,223,350)
Net current assets
4,373,139
1,203,515
Total assets less current liabilities
5,141,338
3,237,242
Creditors: amounts falling due after more than one year
16
(6,358)
Provisions for liabilities
Deferred tax liability
18
1,372
3,317
(1,372)
(3,317)
Net assets
5,139,966
3,227,567
Capital and reserves
Called up share capital
20
459,117
459,117
Capital redemption reserve
522,272
522,272
Profit and loss reserves
4,158,577
2,246,178
Total equity
5,139,966
3,227,567
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
Mr I Cole-Wilkins
Director
Company registration number 03295160 (England and Wales)
BEAVER MANAGEMENT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 June 2022
959,117
22,272
2,431,375
3,412,764
Period ended 30 September 2023:
Profit and total comprehensive income
-
-
1,214,803
1,214,803
Redemption of shares
20
(500,000)
500,000
(500,000)
(500,000)
Transaction with the holders of equity
-
-
(900,000)
(900,000)
Balance at 30 September 2023
459,117
522,272
2,246,178
3,227,567
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
2,533,219
2,533,219
Dividends
11
-
-
(620,820)
(620,820)
Balance at 30 September 2024
459,117
522,272
4,158,577
5,139,966
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information
Beaver Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Manor Way, Belasis Business Park, Billingham, TS23 4HN.
The company's principal trading address is 12 Tiller Road, London, England, EX14 8PX.
1.1
Reporting period
These financial statements cover a period of 12 months. During last year, Indigo Service Solutions Ltd acquired 85% of the share capital of Beaver Management Services Limited. In order to align with the year end of Indigo Services Solutions Limite, the company changed its financial year end to 30 September 2023 and the current year comparative figures presented are for the 16 months ended 30 September 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 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of ICF Holdings Limited. These consolidated financial statements are available from its registered office, UHY Hacker Young, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The company's accounting reference (ARD) date is 30 September, however, the company has a weekly reporting cycle, therefore, it is practical for the financial statements to be reported in line with this business cycle; therefore the company has taken advantage of the option afforded by the Companies Act 2006 to make up its accounts to a date up to 7 days either side of its ARD. The current period is made up to 29/09/2024 (52 weeks); the comparative period was made up to 01/10/2023 (70 weeks).
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern
At the time of approving these financial statements, the directors have assessed the company’s ability to continue as a going concern and are satisfied that it has adequate resources to remain operational for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
As at 30 September 2024, the company held a net cash position of £263,753 and reported net assets of £5,139,966. The directors have prepared and reviewed forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts incorporate expected trading performance, operating costs, and working capital requirements. The forecasts indicate that the company will continue to meet its obligations as they fall due.
The directors have also considered the company’s position within the wider ICF Group. While the company operates with a strong degree of financial independence, surplus cash may be utilised by the Group as part of its centralised treasury arrangements. The Group is expected to continue to trade profitably and maintain sufficient liquidity across its operations.
The directors have considered solvency and liquidity risks as part of their assessment. No material uncertainties have been identified that cast significant doubt on the company’s ability to continue as a going concern.
This going concern assessment reflects all known events and conditions up to the date of approval of these financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue arising from the provision of direct labour is recognised when the services are provided, based upon the hours provided. When income has been billed in advance of the service being provided it is deferred and if billed in arrears that amount is accrued.
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.
1.5
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:
Land and buildings
Straight line over 50 years
Leasehold improvements
10% reducing balance
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
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 profit or loss.
1.7
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.
1.8
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
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.
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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.
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.
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 leases asset are consumed.
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.
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.
Long term contracts
The directors are required to make certain estimates as to how the company's long term contracts will complete, and the value of the recoverable work to be agreed with customers, the estimate of income recognition timing and the costs to be incurred to generate revenues. This involves an inherent degree of uncertainty which the directors mitigate via the use of staff experienced in the management of such contracts.
Trade debtors recoverability
The amounts recoverable from debtors are subject to uncertainty. The company has appropriate control procedures to manage the risk of debtor default. These procedures include credit worthiness checks and insurance policies. At each year-end the company assesses the likelihood of debtor default and makes provision for amounts which are considered to be irrecoverable.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of Services
76,525,634
81,461,748
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
76,525,634
81,461,748
2024
2023
£
£
Other revenue
Interest income
17,278
9,838
Dividends received
620,820
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
473
515
Depreciation of owned tangible fixed assets
25,980
33,602
Loss on disposal of tangible fixed assets
2,748
35,411
Operating lease charges
224,701
226,985
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 company
35,000
32,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production Staff
72
75
Administrative Staff
37
43
Total
109
118
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,183,808
7,885,656
Social security costs
597,304
865,809
Pension costs
111,029
152,437
5,892,141
8,903,902
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
188,946
309,728
Company pension contributions to defined contribution schemes
27,481
1,810
216,427
311,538
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,278
9,838
Income from fixed asset investments
Income from shares in group undertakings
620,820
Total income
638,098
9,838
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
12,927
41,199
Interest on invoice finance arrangements
668,480
635,574
Other interest
169,140
681,407
845,913
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
616,988
318,751
Adjustments in respect of prior periods
44,586
Total current tax
661,574
318,751
Deferred tax
Origination and reversal of timing differences
(1,945)
Total tax charge
659,629
318,751
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,192,848
1,533,554
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.19%)
798,212
324,945
Tax effect of expenses that are not deductible in determining taxable profit
22,078
50,702
Adjustments in respect of prior years
44,586
Group relief
(54,539)
(70,963)
Permanent capital allowances in excess of depreciation
8,703
Depreciation on assets not qualifying for tax allowances
4,497
5,364
Dividend income
(155,205)
Taxation charge for the year
659,629
318,751
11
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
p
p
£
£
Ordinary Shares
Interim paid
1.35
620,820
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Dividends
(Continued)
- 21 -
The interim dividend for the year ended 30 September 2024 is:
2024
2023
Per share
Total
Total
p
£
£
Ordinary Shares
1.35
620,820
12
Tangible fixed assets
Land and buildings
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 October 2023
705,200
131,329
73,584
910,113
Additions
18,240
9,215
27,455
Disposals
(19,187)
(19,187)
At 30 September 2024
723,440
131,329
63,612
918,381
Depreciation and impairment
At 1 October 2023
30,417
54,942
55,282
140,641
Depreciation charged in the year
14,168
7,640
4,172
25,980
Eliminated in respect of disposals
(16,439)
(16,439)
At 30 September 2024
44,585
62,582
43,015
150,182
Carrying amount
At 30 September 2024
678,855
68,747
20,597
768,199
At 30 September 2023
674,783
76,387
18,302
769,472
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
1,264,255
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
1,264,255
Disposals
(1,264,255)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
1,264,255
Beaver Management Services Limited transferred its investments held in subsidiaries to BMSL Group Holdings Limited, as part of a group reorganisation.
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,275,914
9,563,827
Corporation tax recoverable
43,406
Amounts owed by group undertakings
2,362,228
1,442,981
Other debtors
79,074
616,865
Prepayments and accrued income
2,576,895
1,879,133
17,294,111
13,546,212
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
363,000
Total debtors
17,657,111
13,546,212
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
6,359
76,300
Other borrowings
17
9,071,038
8,940,396
Trade creditors
959,146
1,009,934
Amounts owed to group undertakings
80,801
354,666
Corporation tax
458,794
318,751
Other taxation and social security
247,925
261,098
Other creditors
50,815
34,155
Accruals and deferred income
2,672,847
2,228,050
13,547,725
13,223,350
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
6,358
17
Loans and overdrafts
2024
2023
£
£
Other loans
6,359
82,658
Other borrowings
9,071,038
8,940,396
9,077,397
9,023,054
Payable within one year
9,077,397
9,016,696
Payable after one year
6,358
Other borrowings totalling £9,071,038 (2023 - £8,940,396) related to invoice finance facilities which are secured against trade debtors.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,372
3,317
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
18
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 October 2023
3,317
Credit to profit or loss
(1,945)
Liability at 30 September 2024
1,372
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
111,029
152,437
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.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
45,911,700
45,911,700
459,117
459,117
21
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
156,748
158,529
Between two and five years
327,572
478,920
484,320
637,449
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
22
Related party transactions
During the year, the company had an intercompany balance with BMSL Group Holdings Limited, the immediate parent company of Beaver Management Services Limited. At the year end, the balance outstanding was £1,264,255 (2023 - £nil), this amount being included in debtors: amounts falling due within one year.
The company had an existing loan with Bema Rail Training Limited, a subsidiary of the group. At the year end, the balance outstanding was £555 (2023 - £4,438), this amount being included in debtors: amounts falling due within one year.
The company had an existing loan with BMSL Contracting Ltd, a subsidiary of the group. At the year end, the balance outstanding was £922 (2023 - £922), this amount being included in debtors: amounts falling due within one year.
The company had an existing loan with LEC5 Rail Personnel Limited, a subsidiary of the group. At the year end, the balance outstanding was £764 (2023 - £764), this amount being included in debtors: amounts falling due within one year.
The company had an existing loan with UK Rail Limited, a subsidiary of the group. At the year end, the balance outstanding was £363,000 (2023 - £341,125), this amount being included in debtors: amounts falling due in more than one year.
The company had an existing loan with FRS Contractors Solutions Limited, a subsidiary of the group. At the year end, the balance outstanding was £71,717 (2023 - £70,974), this amount being included in creditors: amounts falling due within one year.
The company had an existing loan with Manley Summers Limited, a subsidiary of the group. At the year end, the balance outstanding was £9,084 (2023 - £283,692), this amount being included in creditors: amounts falling due within one year.
BEAVER MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
23
Ultimate controlling party
On the 15th May 2024, BMSL Group Holdings Limited acquired a controlling shareholding in Beaver Management Services Limited and became the parent company, the ultimate parent company continues to be ICF Holdings Limited, incorporated in England and Wales.
ICF Holdings Limited is the parent undertaking of the smallest and largest group which includes the company for which group financial statements are prepared. Copies of the group financial statements of ICF Holdings Limited are available from the registered office; Bradbury House, Mission Court, Newport, NP20 2DW.
24
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
1 June
30 September
2022
2023
£
£
Analysis of the effect upon equity
Equity reserve
-
(500,000)
Capital redemption
-
500,000
-
-
Reconciliation of changes in (loss)/profit for the previous financial period
2023
£
Adjustments to prior year
Loss on disposal
1,400,000
Loss as previously reported
(185,197)
Profit as adjusted
1,214,803
Notes to reconciliation
On 7 March 2023 500,000 shares were redeemed. The consideration for the redemption of the shares was the transfer of a £1.4m investment in a subsidiary. This transaction has been restated to treat it as a transaction with the holders of equity. Previously a £1.4m loss on disposal was recognised and no adjustment had been made to the capital redemption reserve.
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