Company registration number 10492916 (England and Wales)
MASENTO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MASENTO LIMITED
COMPANY INFORMATION
Directors
Mr R Blackburn
Mr A A Carboni
Mr B Hession
Mr M Hodges
Company number
10492916
Registered office
7th Floor
11 Old Jewry
London
EC2R 8DU
Auditor
Azets Audit Services
1st Floor The Refinery
Atlantic Close
Swansea Enterprise Park
Swansea
United Kingdom
SA7 9FJ
MASENTO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 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
Notes to the financial statements
16 - 31
MASENTO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The Directors present their strategic report of Masentó Limited, Masentó GmbH and Masentó Search Limited (The Group) for year ending 31st March 2025.

Head quartered in the UK with a subsidiary in Germany, the principal activities of the Group continued to be a specialist technology staffing agency focused on an international client base.

The Group has specific expertise around SAP, Data & Analytics and Executive hires.

The recruitment sector continued to be challenging throughout 2024 and 2025 due to an uncertain economic environment across the EU, which has resulted in a slowdown in the number of jobs/hires, particularly in the permanent staffing side of the Group’s activities. Despite this, the contract division showed an increase in demand on a consistent basis over the last 2 quarters of the financial year.

Both Contract and Perm NFI are broadly in line with FY24 at £4.9m (FY24: £4.9m). When viewing the results on a constant currency basis, NFI has actually grown slightly year on year by 1% / £42k.

Masento GmbH, our German subsidiary that we established in FY23, remains in the ramp-up phase but has grown its revenues by 58% against prior year and continues to increase our client base in the DACH region.

 

Gross Profit –

Division

2025

£’000

2024

£’000

% change

Contract

3,854

3,911

-1%

Perm

1,001

1,000

0%

 Total Gross Profit

4,855

4,911

-1%

 

 

Adjusted EBITDA*–

Company

 

2025

£’000

2024

£’000

% change

Masento Limited

 

1,346

1,575

-15%

Masento Search

 

125

-54

331%

Masento GmbH

 

-171

-265

35%

 Total adjusted EBITDA

 

1,300

1,256

4%

 

*Adjusted EBITDA represents Earnings Before Interest, Taxation, Depreciation and Amortisation, as adjusted to exclude invoice finance charges and non recurring items included in each respective financial year, as this represents a Key Performance Indicator for the business.

Future strategy

As a business, we continued to invest in our staff this year with a continued focus on the Masentó vision and values to create a dynamic, supportive and collaborative culture.

 

 

MASENTO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The nature of the business environment in which the group operates is inherently risky. Whilst it is not possible to eliminate all such risks and uncertainties, the group has an established risk management and internal control system in place to manage them.

The directors and management meet regularly to identify the risks that are considered most likely to have an impact on the business and its strategic priorities. If emerging risks are identified, these are incorporated immediately into the risk management process.

The following sets out the principal risks faced by the group and how they are mitigated:

Competition

People

Reputation

 

 

 

MASENTO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Treasury operations and financial instruments

The group's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and interest rate cash flow risk.

The group has in place an informal risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Price risk

The group is exposed to price risk as a result of its operations. However, given the size of the group's operations, the cost of managing exposure to price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. The group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is continually monitored in line with the group's credit control procedures. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Liquidity risk

The group actively monitors and maintain finance levels to ensure that the group has sufficient funds for operations and planned expansions.

Interest rate cash flow risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets comprise only cash balances, which earn interest at floating rates. Interest bearing liabilities comprise debt, debt factoring arrangements, at fixed and floating rates.

 

Key performance indicators

 

The group’s key performance indicators (KPI’s) are summarised on page 1.

On behalf of the board

Mr M Hodges
Director
23 July 2025
MASENTO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of a specialist technology staffing agency focused on an international client base.

Results and dividends

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

Ordinary dividends were paid amounting to £350,000. 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 R Blackburn
Mr A A Carboni
Mr B Hession
Mr M Hodges
Future developments

The strategy and future developments of the business are set out in the strategic report.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MASENTO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
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 M Hodges
Director
23 July 2025
MASENTO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MASENTO LIMITED
- 6 -
Opinion

We have audited the financial statements of Masento Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the 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:

MASENTO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MASENTO LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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

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.

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.

MASENTO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MASENTO LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Paul Bowden (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
24 July 2025
Chartered Accountants
Statutory Auditor
1st Floor The Refinery
Atlantic Close
Swansea Enterprise Park
Swansea
United Kingdom
SA7 9FJ
MASENTO LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
19,665,642
21,009,197
Cost of sales
(14,811,098)
(16,098,063)
Gross profit
4,854,544
4,911,134
Administrative expenses
(3,826,771)
(4,085,682)
Operating profit
4
1,027,773
825,452
Interest receivable and similar income
8
8,583
11,309
Interest payable and similar expenses
9
(39,175)
-
0
Profit before taxation
997,181
836,761
Tax on profit
10
(295,927)
(286,174)
Profit for the financial year
701,254
550,587
Profit for the financial year is attributable to:
- Owners of the parent company
659,555
581,115
- Non-controlling interests
41,699
(30,528)
701,254
550,587
MASENTO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
£
£
Profit for the year
701,254
550,587
Other comprehensive income
-
-
Total comprehensive income for the year
701,254
550,587
Total comprehensive income for the year is attributable to:
- Owners of the parent company
659,555
581,115
- Non-controlling interests
41,699
(30,528)
701,254
550,587
MASENTO LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
12,813
24,569
Current assets
Debtors
15
3,898,284
2,380,808
Cash at bank and in hand
2,648,849
3,473,415
6,547,133
5,854,223
Creditors: amounts falling due within one year
16
(3,866,044)
(3,499,595)
Net current assets
2,681,089
2,354,628
Total assets less current liabilities
2,693,902
2,379,197
Provisions for liabilities
Provisions
17
-
0
35,000
Deferred tax liability
18
3,200
4,749
(3,200)
(39,749)
Net assets
2,690,702
2,339,448
Capital and reserves
Called up share capital
21
2
2
Share premium account
150,999
150,999
Profit and loss reserves
2,414,339
2,104,784
Equity attributable to owners of the parent company
2,565,340
2,255,785
Non-controlling interests
125,362
83,663
2,690,702
2,339,448
The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
23 July 2025
Mr M Hodges
Director
Company registration number 10492916 (England and Wales)
MASENTO LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
12,813
24,569
Investments
13
20,899
20,899
33,712
45,468
Current assets
Debtors
15
4,247,397
2,679,432
Cash at bank and in hand
2,372,665
3,133,846
6,620,062
5,813,278
Creditors: amounts falling due within one year
16
(3,511,343)
(3,129,029)
Net current assets
3,108,719
2,684,249
Total assets less current liabilities
3,142,431
2,729,717
Provisions for liabilities
Provisions
17
-
0
35,000
Deferred tax liability
18
3,200
4,749
(3,200)
(39,749)
Net assets
3,139,231
2,689,968
Capital and reserves
Called up share capital
21
2
2
Share premium account
150,999
150,999
Profit and loss reserves
2,988,230
2,538,967
Total equity
3,139,231
2,689,968

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 £799,263 (2024 - £886,818 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
23 July 2025
Mr M Hodges
Director
Company registration number 10492916 (England and Wales)
MASENTO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
2
150,999
2,123,669
2,274,670
114,191
2,388,861
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
581,115
581,115
(30,528)
550,587
Dividends
11
-
-
(600,000)
(600,000)
-
(600,000)
Balance at 31 March 2024
2
150,999
2,104,784
2,255,785
83,663
2,339,448
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
659,555
659,555
41,699
701,254
Dividends
11
-
-
(350,000)
(350,000)
-
(350,000)
Balance at 31 March 2025
2
150,999
2,414,339
2,565,340
125,362
2,690,702
MASENTO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
2
150,999
2,252,149
2,403,150
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
886,818
886,818
Dividends
11
-
-
(600,000)
(600,000)
Balance at 31 March 2024
2
150,999
2,538,967
2,689,968
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
799,263
799,263
Dividends
11
-
-
(350,000)
(350,000)
Balance at 31 March 2025
2
150,999
2,988,230
3,139,231
MASENTO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(155,608)
2,051,845
Interest paid
(39,175)
-
0
Income taxes paid
(285,765)
(317,664)
Net cash (outflow)/inflow from operating activities
(480,548)
1,734,181
Investing activities
Purchase of tangible fixed assets
(2,601)
(6,587)
Interest received
8,583
11,309
Net cash generated from investing activities
5,982
4,722
Financing activities
Dividends paid to equity shareholders
(350,000)
(600,000)
Net cash used in financing activities
(350,000)
(600,000)
Net (decrease)/increase in cash and cash equivalents
(824,566)
1,138,903
Cash and cash equivalents at beginning of year
3,473,415
2,334,512
Cash and cash equivalents at end of year
2,648,849
3,473,415
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Masento Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7th Floor, 11 Old Jewry, London, EC2R 8DU.

 

The group consists of Masento 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.

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

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Masento Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2025. 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.

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

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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

 

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

Revenue represents recruitment services for the provision of temporary and permanent workers to customers and clients. Turnover is recognised on the satisfaction of performance oblighations which typically is on the delivery of services for temporary workers and upon commencement of a placement for permanent workers.

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:

Leasehold improvements
length of the lease
Computers
33% straight line

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

1.6
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.

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

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 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.

Classification of financial liabilities

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

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
Leases

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

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.17
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Accrued income

On certain employment contracts, management has exercised judgement when determining the amount of revenue to be recognised. Revenue is recognised over time based on a management estimate of performance undertaken to date based on the evidence of timesheets approved by clients. Management will typically measure this income recognition using an input method, which is based on headcount and people hours incurred at agreed contractual rates. Management maintains detailed contract models to assess inputs required and regularly adjusts the cumulative revenue recognised.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Contract
18,664,729
20,008,902
Permanent
1,000,913
1,000,295
19,665,642
21,009,197
2025
2024
£
£
Turnover analysed by geographical market
UK
3,548,803
3,744,060
Europe
14,555,046
15,867,741
US
1,509,617
1,397,396
ROW
52,176
-
19,665,642
21,009,197
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 23 -
2025
2024
£
£
Other revenue
Interest income
8,583
11,309
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
60,276
85,332
Depreciation of owned tangible fixed assets
14,357
12,951
Operating lease charges
105,664
80,288
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,500
17,500
For other services
All other non-audit services
1,500
-
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
29
33
23
24

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,402,201
2,440,461
1,854,060
1,895,221
Social security costs
337,524
332,970
253,751
247,896
Pension costs
74,280
90,290
67,265
84,237
2,814,005
2,863,721
2,175,076
2,227,354
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
532,477
577,583
Company pension contributions to defined contribution schemes
48,321
64,321
580,798
641,904
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
256,529
295,585
Company pension contributions to defined contribution schemes
1,321
1,320
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,583
11,309
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
39,175
-
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
297,476
286,174
Deferred tax
Origination and reversal of timing differences
(1,549)
-
0
Total tax charge
295,927
286,174
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 25 -

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:

2025
2024
£
£
Profit before taxation
997,181
836,761
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
249,295
209,190
Tax effect of expenses that are not deductible in determining taxable profit
48,181
8,913
Unutilised tax losses carried forward
-
0
69,718
Capital allowances
(1,549)
(1,647)
Taxation charge
295,927
286,174
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
350,000
600,000
12
Tangible fixed assets
Group
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 April 2024
43,841
15,951
59,792
Additions
-
0
2,601
2,601
At 31 March 2025
43,841
18,552
62,393
Depreciation and impairment
At 1 April 2024
21,301
13,922
35,223
Depreciation charged in the year
13,300
1,057
14,357
At 31 March 2025
34,601
14,979
49,580
Carrying amount
At 31 March 2025
9,240
3,573
12,813
At 31 March 2024
22,540
2,029
24,569
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 April 2024
43,841
15,951
59,792
Additions
-
0
2,601
2,601
At 31 March 2025
43,841
18,552
62,393
Depreciation and impairment
At 1 April 2024
21,301
13,922
35,223
Depreciation charged in the year
13,300
1,057
14,357
At 31 March 2025
34,601
14,979
49,580
Carrying amount
At 31 March 2025
9,240
3,573
12,813
At 31 March 2024
22,540
2,029
24,569
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
20,899
20,899
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
20,899
Carrying amount
At 31 March 2025
20,899
At 31 March 2024
20,899
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Masento Search Ltd
7th Floor, 11 Old Jewry, London, England, EC2R 8DU
Specialist staffing agency
Ordinary
51.00
Masento GmBH
Leopoldstrabe 180, 80804, Munich, Germany
Specialist staffing agency
Ordinary
100.00

Under s479A of the Companies Act 2006, Masento Search Limited (registered number 12496949) is exempt from the requirements of the Act relating to the audit of individual accounts. Masento Limited has guaranteed the liabilities of Masento Search Limited.

15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,200,077
611,188
1,938,518
355,023
Corporation tax recoverable
-
0
100
-
0
-
0
Amounts owed by group undertakings
-
-
792,584
566,441
Other debtors
21,683
57,998
418
59,950
Prepayments and accrued income
1,676,524
1,711,522
1,515,877
1,698,018
3,898,284
2,380,808
4,247,397
2,679,432

The amounts owed by group undertakings are interest free, unsecured and have no fixed terms for repayment.

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,004,700
1,449,617
904,819
1,230,796
Amounts owed to group undertakings
-
0
-
0
-
0
3,735
Corporation tax payable
297,785
286,174
271,181
286,174
Other taxation and social security
127,434
80,575
108,854
70,970
Other creditors
807,822
6,255
806,330
2,768
Accruals and deferred income
1,628,303
1,676,974
1,420,159
1,534,586
3,866,044
3,499,595
3,511,343
3,129,029

The amounts owed to group undertakings are interest free, unsecured and have no fixed terms for repayment.

 

Secured loans

 

Included within other creditors is £805,820 (2024: £nil) in relation to balances drawn down on the group and company's invoice discounting facility at the period end. The invoice discounting creditor is secured by a fixed charge over all of the debts purchased and their associated rights and floating charges covering all property or undertakings of the company.

17
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Other provision
-
35,000
-
35,000
Movements on provisions:
Other provision
Group
£
At 1 April 2024
35,000
Reversal of provision
(35,000)
At 31 March 2025
-
Company
£
At 1 April 2024
35,000
Reversal of provision
(35,000)
At 31 March 2025
-
MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
3,200
4,749
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
3,200
4,749
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
4,749
4,749
Credit to profit or loss
(1,549)
(1,549)
Liability at 31 March 2025
3,200
3,200

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
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,280
90,290

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.

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
20
Share-based payment transactions

An EMI share option scheme was set up in 2023. Under this scheme the option will vest if the employees who have been granted the options satisfy the working time requirements and any other specified conditions for the period up to and including the date of an ‘Exit’. The options will lapse should the employee either leave employment or not meet the defined conditions. The contractual life of the option is 10 years. There are no cash settled alternatives. During the year ending 31 March 2025, there were no options granted. As at 31 March 2025, the total number of options granted, which have not lapsed is 197,500 (2023: 197,500). The exercise price for all 197,500 options outstanding at the end of the year is £0.65. The fair value of the equity settled options granted is estimated as at the date of grant based on a third party valuation undertaken on an arm’s length basis and taking into account the performance of the business and the conditions of the options granted. The expense for these equity settled share based payments during the year to 31 March 2025 is £19,759 (2024: £13,173), calculated using the Black-Scholes model.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
2,187,500
2,187,500
2
2
A Ordinary shares of 0.0001p each
125,000
125,000
-
-
B Ordinary shares of 0.0001p each
125,000
125,000
-
-

All share classes have full rights in the company with regards to voting, dividend and capital distribution. A dividend may however be declared on each class of share individually and to the exclusion of the other classes.

22
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
49,880
27,780
49,880
27,780
Between two and five years
14,445
6,545
14,445
6,545
64,325
34,325
64,325
34,325
23
Directors' transactions

Dividends totalling £324,050 (2024 - £548,571) were paid in the year in respect of shares held by the company's directors.

As at 31 March 2025, amounts owed to the directors of the company totalled £869 (2024: £869). These amounts are interest free, unsecured, have no fixed terms for repayments, and are included within other creditors falling due within one year.

MASENTO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit for the year after tax
701,254
550,587
Adjustments for:
Taxation charged
295,927
286,174
Finance costs
39,175
-
0
Investment income
(8,583)
(11,309)
Depreciation and impairment of tangible fixed assets
14,357
12,951
Decrease in provisions
(35,000)
-
Movements in working capital:
(Increase)/decrease in debtors
(1,517,576)
667,195
Increase in creditors
354,838
556,747
Decrease in deferred income
-
(10,500)
Cash (absorbed by)/generated from operations
(155,608)
2,051,845
25
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
3,473,415
(824,566)
2,648,849
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