Company registration number 06651251 (England and Wales)
ZINC NETWORK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ZINC NETWORK LIMITED
COMPANY INFORMATION
Directors
Mr S W Brown
Mr R S Elliott
Mr L A Brooke
Company number
06651251
Registered office
230 Blackfriars Road
London
SE1 8NW
Auditor
Blinkhorns
27 Mortimer Street
London
W1T 3BL
ZINC NETWORK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 30
ZINC NETWORK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
Zinc Network Ltd supports its clients to deliver on international development and security objectives through the use of communications and technology. Our clients include the UK Government notably the Foreign, Commonwealth and Development Office (FCDO) and the US Federal Government (USG) including the Department for State and the US Agency for International Development (USAID).
Zinc Network is pleased to report that in FY 2024 turnover increased by 38% to £16.5, achieving a net profit before tax of £1.41m. Retained profits equal £3.42m and Zinc Network remains free of loans and debt.
Principal risks and uncertainties
The key risks facing the company, as deemed by the directors, continue to be:
Business interruption – Major natural, social, or political incidents can sometimes disrupt our client’s ability to award projects, make decisions and approve work. Our ability to be flexible and offer specialist consultancy to clients to help them through difficult periods minimises this risk.
Ethical considerations – Zinc Network’s projects are sometimes politically and socially sensitive, therefore we have developed a robust code of ethics in consultation with an independent ethicist to protect and respect staff, partners, contributors and the public. An ethics report reviewing our adoption of the code is produced by the ethicist annually. Further, Zinc Network’s commitment to the highest standards of environmental performance, transparency and accountability is validated through our signatory status with the UN Global Compact.
Reputational considerations – Zinc’s work can sometimes attract negative press, including from hostile disinformation actors. Zinc Network promotes an open and transparent approach to attribution and its ways of working, with information about the company published on its company website and clearly communicated with staff, partners, and contributors. This approach enables us to maintain a strong position in the face of reputational challenges
ZINC NETWORK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Development and performance
Our clients are seeking improved insight around threats to peace, security and good governance. Zinc Network delivers quantitative, qualitative and open-source research, with a number of projects capturing cumulative data in a structured, relational database.
Clients are looking for new, innovative ways to design interventions, projects and programmes that achieve tangible change. Zinc applies the latest human-centred design techniques to co-create solutions with local partners that are meaningfully and measurably impactful.
Zinc Network has evolved its technical capabilities in line with client needs including research (as mentioned earlier), campaigning and production, influencer marketing, digital transformation (of independent media and civil society organisations), public relations, consultancy across advocacy, media regulation, gender and conflict sensitivity, and supporting civil society organisations to improve their financial sustainability.
Zinc Network relies on best-in-class talent and expertise from a diverse range of professional backgrounds, many of whom bring best practice from adjacent fields including media development, production, research, service design, change management, and PR to our firm. Zinc Network’s recruitment and retention strategy has realised an impressive staff base enabling us to effectively support our clients and deliver high-quality work.
Key performance indicators
Zinc Network has achieved strong results for its 16th year of trading in 2023/24. Key performance indicators for the year are:
Revenues increased to £16.5m, up 38% on last year’s revenues (2023: £11.9m)
Net profit after tax of £972,992 (2023: £832,818)
Cash at bank at the end of the year is £531,385 (2023: £521,101).
Current ratio is strong at 1.67, and the company continues to have no bank loans or borrowings.
At the year-end total equity of £3,420,424 (2023: £2,414,969).
Diversity
Zinc Network is home to a diverse workforce from different professional and cultural backgrounds, and to that end has a policy of pro-actively encouraging a variety of people to the company to represent the diverse range of projects implemented by the business.
Mr R S Elliott
Director
15 July 2025
ZINC NETWORK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company and group continued to be that of a communications and production agency.
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 further 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 S W Brown
Mr R S Elliott
Mr L A Brooke
Auditor
The auditor, Blinkhorns, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr R S Elliott
Director
15 July 2025
ZINC NETWORK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ZINC NETWORK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZINC NETWORK LIMITED
- 5 -
Opinion
We have audited the financial statements of Zinc Network Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
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.
ZINC NETWORK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZINC NETWORK LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pensions and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Using our sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management’s own assessment of the risks that irregularities may occur either as a result of fraud or error.
ZINC NETWORK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZINC NETWORK LIMITED
- 7 -
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:
- The possibility of fraudulent or corrupt payments made through third parties.
- The risk of bribery and corruption.
- The opportunity to segregate duties within the entity.
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company’s revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.
We considered the extent to which the audit was considered capable of detecting irregularities.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.
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.
ZINC NETWORK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZINC NETWORK LIMITED
- 8 -
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Cramer FCA (Senior Statutory Auditor)
For and on behalf of Blinkhorns
15 July 2025
27 Mortimer Street
London
W1T 3BL
ZINC NETWORK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,490,079
11,926,717
Cost of sales
(12,120,876)
(8,954,073)
Gross profit
4,369,203
2,972,644
Administrative expenses
(3,316,719)
(2,100,429)
Other operating income
341,311
164,429
Operating profit
4
1,393,795
1,036,644
Interest receivable and similar income
8
15,989
16,763
Interest payable and similar expenses
9
(1,057)
Profit before taxation
1,408,727
1,053,407
Tax on profit
10
(435,735)
(220,589)
Profit for the financial year
972,992
832,818
Profit for the financial year is all attributable to the owners of the parent company.
ZINC NETWORK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
972,992
832,818
Other comprehensive income
Currency translation gain taken to retained earnings
32,463
Total comprehensive income for the year
1,005,455
832,818
Total comprehensive income for the year is all attributable to the owners of the parent company.
ZINC NETWORK LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
95,884
111,909
95,884
111,909
Current assets
Debtors
15
7,786,451
5,185,969
Cash at bank and in hand
531,385
521,101
8,317,836
5,707,070
Creditors: amounts falling due within one year
16
(4,970,856)
(3,377,861)
Net current assets
3,346,980
2,329,209
Total assets less current liabilities
3,442,864
2,441,118
Provisions for liabilities
Deferred tax liability
17
22,440
26,149
(22,440)
(26,149)
Net assets
3,420,424
2,414,969
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
3,420,324
2,414,869
Total equity
3,420,424
2,414,969
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:
15 July 2025
Mr R S Elliott
Director
Company registration number 06651251 (England and Wales)
ZINC NETWORK LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
95,677
111,909
Investments
13
3,703
2,706
99,380
114,615
Current assets
Debtors
15
7,812,531
5,202,134
Cash at bank and in hand
451,609
409,269
8,264,140
5,611,403
Creditors: amounts falling due within one year
16
(5,216,666)
(3,705,668)
Net current assets
3,047,474
1,905,735
Total assets less current liabilities
3,146,854
2,020,350
Provisions for liabilities
Deferred tax liability
17
22,440
26,149
(22,440)
(26,149)
Net assets
3,124,414
1,994,201
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
3,124,314
1,994,101
Total equity
3,124,414
1,994,201
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,090,626 (2023 - £780,336 profit).
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:
15 July 2025
Mr R S Elliott
Director
Company registration number 06651251 (England and Wales)
ZINC NETWORK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
2,036,051
2,036,151
Year ended 31 March 2023:
Profit and total comprehensive income
-
832,818
832,818
Dividends
11
-
(454,000)
(454,000)
Balance at 31 March 2023
100
2,414,869
2,414,969
Year ended 31 March 2024:
Profit for the year
-
972,992
972,992
Other comprehensive income:
Currency translation differences
-
32,463
32,463
Total comprehensive income
-
1,005,455
1,005,455
Balance at 31 March 2024
100
3,420,324
3,420,424
ZINC NETWORK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
1,667,765
1,667,865
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
780,336
780,336
Dividends
11
-
(454,000)
(454,000)
Balance at 31 March 2023
100
1,994,101
1,994,201
Year ended 31 March 2024:
Profit for the year
-
1,090,626
1,090,626
Other comprehensive income:
Currency translation differences
-
39,587
39,587
Total comprehensive income
-
1,130,213
1,130,213
Balance at 31 March 2024
100
3,124,314
3,124,414
ZINC NETWORK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
677,446
(79,969)
Interest paid
(1,057)
Income taxes paid
(109,564)
(205,455)
Net cash inflow/(outflow) from operating activities
566,825
(285,424)
Investing activities
Purchase of tangible fixed assets
(29,745)
(100,806)
Repayment of loans
(575,243)
(156,953)
Interest received
15,989
16,763
Net cash used in investing activities
(588,999)
(240,996)
Financing activities
Dividends paid to equity shareholders
(454,000)
Net cash used in financing activities
-
(454,000)
Net decrease in cash and cash equivalents
(22,174)
(980,420)
Cash and cash equivalents at beginning of year
521,101
1,501,521
Unrealised currency gains
32,458
Cash and cash equivalents at end of year
531,385
521,101
ZINC NETWORK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
707,877
(112,092)
Income taxes paid
(101,025)
(205,199)
Net cash inflow/(outflow) from operating activities
606,852
(317,291)
Investing activities
Purchase of tangible fixed assets
(28,453)
(100,806)
Proceeds from disposal of subsidiaries
(997)
Repayment of loans
(575,243)
(156,953)
Interest received
594
Dividends received
16,763
Net cash used in investing activities
(604,099)
(240,996)
Financing activities
Dividends paid to equity shareholders
-
(454,000)
Net cash used in financing activities
-
(454,000)
Net increase/(decrease) in cash and cash equivalents
2,753
(1,012,287)
Cash and cash equivalents at beginning of year
409,269
1,421,556
Unrealised currency gains
39,587
Cash and cash equivalents at end of year
451,609
409,269
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information
Zinc Network Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 230 Blackfriars Road, London, UK, SE1 8NW
The group consists of Zinc Network Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Zinc Network Limited and its American, Australian, Latvian, Georgian and Polish subsidiaries (these entities the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 March 2024, other than the Latvian, Polish and Georgian subsidiaries which have a year end of 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Going concern
The financial statements have been prepared on a going concern basis after due consideration of the principal risks and uncertainties disclosed in the Directors' Report and Strategic Report. In reaching their conclusion the Company's directors have considered the financial position of the Company and the Group to which it belongs and concluded it has adequate resources to continue in operational existence for the foreseeable future and therefore the going concern basis continues to be adopted in preparing the financial statements.
The Company's Board has given regard to the forecasts produced by management. These forecasts have been sensitised to reflect plausible downside scenarios.
The forecasts demonstrate that the Company is projected to generate profits and cash inflows and that the Company has sufficient liquidity to enable it to meet its obligations as they fall due for a period of at least twelve months from the date of signing these financial statements.
As such, the directors of the Company are satisfied that the Company has adequate resources to continue to operate for the foreseeable future (and not for less than twelve months from the date of signing these financial statements). For this reason they continue to adopt the going concern basis for preparing these financial statements.
1.5
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.
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:
Freehold land and buildings
33% Straight line
Leasehold land and buildings
Over the lease term
Plant and equipment
33% Straight line
Fixtures and fittings
10% 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 recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash 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.
1.10
Financial instruments
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.
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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 group 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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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 if, and only if, there is 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.
1.13
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
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no critical judgements or sources of estimation uncertainty that the directors have made in the process of applying the accounting policies and that the most significant effect on the amounts recognised in the financial statements.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services
16,490,079
11,926,717
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,382,265
5,699,051
USA
5,107,814
5,855,572
Rest of the world
-
372,094
16,490,079
11,926,717
2024
2023
£
£
Other revenue
Interest income
15,989
16,763
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
60,362
(233,878)
Depreciation of owned tangible fixed assets
45,770
119,157
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
33,320
20,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Employees
89
51
60
51
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,249,290
3,247,038
3,197,777
2,692,879
Social security costs
426,830
334,578
368,510
314,601
Pension costs
180,093
140,421
135,111
115,631
4,856,213
3,722,037
3,701,398
3,123,111
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
182,438
182,514
Company pension contributions to defined contribution schemes
8,622
8,626
191,060
191,140
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
63
Interest receivable from group companies
15,926
16,763
Total income
15,989
16,763
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
1,057
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
439,444
185,273
Adjustments in respect of prior periods
39,533
Total current tax
439,444
224,806
Deferred tax
Origination and reversal of timing differences
(3,709)
(4,217)
Total tax charge
435,735
220,589
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
1,408,727
1,053,407
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
352,182
200,147
Tax effect of expenses that are not deductible in determining taxable profit
47,896
(7,724)
Permanent capital allowances in excess of depreciation
3,733
2,444
Under/(over) provided in prior years
39,533
Differences due to overseas tax
35,633
(9,594)
Deferred tax
(3,709)
(4,217)
Taxation charge
435,735
220,589
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
454,000
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
368,985
244,302
613,287
Additions
6,056
23,689
29,745
At 31 March 2024
375,041
267,991
643,032
Depreciation and impairment
At 1 April 2023
348,803
152,575
501,378
Depreciation charged in the year
13,716
32,054
45,770
At 31 March 2024
362,519
184,629
547,148
Carrying amount
At 31 March 2024
12,522
83,362
95,884
At 31 March 2023
20,182
91,727
111,909
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
316,626
244,302
560,928
Additions
6,056
22,397
28,453
At 31 March 2024
322,682
266,699
589,381
Depreciation and impairment
At 1 April 2023
296,444
152,575
449,019
Depreciation charged in the year
13,716
30,969
44,685
At 31 March 2024
310,160
183,544
493,704
Carrying amount
At 31 March 2024
12,522
83,155
95,677
At 31 March 2023
20,182
91,727
111,909
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
3,703
2,706
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
2,706
Additions
997
At 31 March 2024
3,703
Carrying amount
At 31 March 2024
3,703
At 31 March 2023
2,706
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
SIA Zinc Network Limited
Latvia
Creation, development and production of films
Ordinary shares
100.00
Breakthrough Media Network Limited
USA
Creation, development and production of films
Ordinary shares
100.00
Breakthrough Media Network PTY Limited
Australia
Creation, development and production of films
Ordinary shares
100.00
Zinc Network LLC
Georgia
Creation, development and production of films
Ordinary shares
100.00
Zinc Network Spoyka
Poland
Creation, development and production of films
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
SIA Zinc Network Limited
35,440
14,905
Breakthrough Media Network Limited
Breakthrough Media Network PTY Limited
330,745
8,768
Zinc Network LLC
55,366
40,931
Zinc Network Spoyka
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,174,412
3,159,524
5,136,250
3,159,525
Corporation tax recoverable
443,965
249,821
443,965
249,821
Amounts owed by group undertakings
-
-
91,053
17,864
Other debtors
1,488,494
944,911
1,479,780
943,652
Prepayments and accrued income
679,580
831,713
661,483
831,272
7,786,451
5,185,969
7,812,531
5,202,134
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
2,392,278
1,419,204
2,368,713
1,418,937
Amounts owed to group undertakings
272,679
352,561
Corporation tax payable
980,856
456,832
975,968
451,704
Other taxation and social security
120,088
98,280
117,638
93,688
Deferred income
18
1,079,708
1,140,797
1,079,708
1,140,797
Other creditors
5,955
21,112
23,057
19,838
Accruals and deferred income
391,971
241,636
378,903
228,143
4,970,856
3,377,861
5,216,666
3,705,668
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
22,440
26,149
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
22,440
26,149
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
26,149
26,149
Credit to profit or loss
(3,709)
(3,709)
Liability at 31 March 2024
22,440
22,440
18
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,079,708
1,140,797
1,079,708
1,140,797
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,312
129,378
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
10,000
10,000
100
100
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
21
Operating lease commitments
Operating lease payments represent rentals payable by the company in respect of the office space held at 230 Blackfriars Road, London, SE1 8NW.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
298,724
274,689
298,724
274,689
Between two and five years
144,216
-
144,216
-
442,940
274,689
442,940
274,689
From 2025/26, FRS 102 (2024) will remove the distinction between finance and operating leases for lessees, requiring recognition of all leases as right-of-use assets and corresponding liabilities on the balance sheet, with exemptions for short-term and low-value leases.
22
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
972,992
832,818
Adjustments for:
Taxation charged
435,735
220,589
Finance costs
1,057
Investment income
(15,989)
(16,763)
Depreciation and impairment of tangible fixed assets
45,770
119,157
Movements in working capital:
Increase in debtors
(1,831,095)
(1,822,009)
Increase in creditors
1,130,065
126,742
(Decrease)/increase in deferred income
(61,089)
459,497
Cash generated from/(absorbed by) operations
677,446
(79,969)
ZINC NETWORK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
23
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit after taxation
1,090,626
780,336
Adjustments for:
Taxation charged
427,436
216,192
Investment income
(594)
(16,763)
Depreciation and impairment of tangible fixed assets
44,685
119,157
Movements in working capital:
Increase in debtors
(1,841,010)
(1,834,237)
Increase in creditors
1,047,823
163,726
(Decrease)/increase in deferred income
(61,089)
459,497
Cash generated from/(absorbed by) operations
707,877
(112,092)
24
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
521,101
10,284
531,385
25
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
409,269
42,340
451,609
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