Company registration number 06868837 (England and Wales)
HATMILL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HATMILL LTD
COMPANY INFORMATION
Directors
Mr S Dixon
Mr P Bradley
Mr A Lingard
Mr C A Shaw
(Appointed 1 April 2025)
Ms H Price
(Appointed 1 April 2025)
Company number
06868837
Registered office
Old Hall Farm
Grantley
Ripon
HG4 3PJ
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
HATMILL LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
HATMILL LTD
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

We provide clients with a range of consulting and project management services to improve their supply chains, enabling their customers to have a better experience and our clients to become more profitable. We believe that all supply chains can be improved.

The market has posed some difficulties for many businesses in the sector. We are not immune to this and have observed some significant influences on our clients over the past year:

These trends have led to clients being more hesitant to approve projects, often necessitating additional layers of approval. This has doubled the typical lead time from initial contact with a client to the start of a project.

Despite these exceptional market challenges, the Group's revenue is down by just 10.4%. Sales for the fiscal year ending 31 March 2025 totalled £10,633,391 (2024: £11,878,994), while the operating profit was recorded at £1,655,284 (2024: £2,571,787).

The net assets of the Group remained robust at £2,779,489 at the end of 2025, with cash reserves of £1,821,135 at year’s end.

The Directors express satisfaction with the annual results, considering the challenging conditions.

Principal risks and uncertainties

The Group takes a proactive approach to risk management, with a designated director responsible for overseeing and maintaining the risk register. This register is continually reviewed to ensure that emerging risks are identified, assessed, and appropriately mitigated. The main risks are:

Development and performance

We have continued to deliver fantastic, strategic projects for our clients, while also investing in the future for both our own benefit and the benefit of our clients.

Our plans for FY24/25 were to focus on consolidating the areas we had developed during FY23/24. These being the geographic expansion into Europe and the USA, and the development of our net-zero offer specific to logistics operations.

Our work in Europe and the USA has increased and we have created a project delivery capability in those territories. The establishment of Hatmill entities has been successful, and we have had ongoing projects in both Europe and the USA throughout FY24/25.

HATMILL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

Our work in warehouse automation continues at pace. Most of our clients' strategic projects now include at least a review of available automation, and many progress to implement some element of automation as part of an end-to-end solution. This has been a notable shift in client demand during the last 8 years.

Our net zero and ESG service offering has continued to develop during FY24/25. We have won projects delivering ESG assessments and specialist projects, particularly in fleet electrification, often delivered alongside wider transformation programmes. We have continued to refine our end-to-end services. We are working with our sustainability partner, Flotilla, to tailor their Flotilla World net-zero platform specifically for supply chain and logistics organisations. 

During FY24/25, we made significant progress in embedding ESG more deeply across the business. We are proud to have achieved B Corp certification, reflecting our commitment to the highest standards of social and environmental responsibility. Our FY25 carbon footprint increased to 509 tCO2e, primarily due to an expanded reporting boundary and revised emissions factors, rather than operational growth. Despite this, we continue to fully offset our business travel emissions through a verified carbon offset strategy.

In 2023, we were ranked No. 1 Best Small Workplace in the UK. In 2024, we were ranked in second place. We were delighted to reclaim top spot again in 2025, in the medium business category. This reinforces our achievements and efforts in making Hatmill a fantastic employer and a place where people enjoy their work.

We have continued to support charities by donating 1% of our net profits. This meant that four charities, nominated by Hatmill team members, received several thousand pounds each. Additionally, we continue to support three schools through the Greggs Breakfast Club initiative.

Key performance indicators

The Group’s key performance indicators for assessing performance in the year are based on profitability and growth in turnover. In addition, we consider various HR-related KPIs, including labour turnover and employee satisfaction, and monitor the development and penetration of specific target sectors or service lines.

Future developments

Our plans for FY25/26 are to continue focusing on delivering high-quality, excellent-value, and positive client experience projects. We will continue to develop our technological capability in automation, the use of artificial intelligence, and the increased deployment of data analytics. We continue to build our capabilities and experience outside the UK as we support our multi-national clients with their global supply chain challenges.

In summary, FY24/25 has been a challenging year for all, which has required our own team to demonstrate resilience and continually demonstrate the value we add to our clients. We have done that and have evidenced good financial results despite the market. Our market position remains strong, generating a significant and consistent stream of leads. We continue to focus on delivering exceptional projects for our clients, knowing that this positively impacts our growth.

Staff

I want to thank the Hatmill team for their outstanding contributions to the business over the past year.

On behalf of the board

Mr S Dixon
Director
8 August 2025
HATMILL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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 management consultancy.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,062,530. 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 Dixon
Mr P Bradley
Mr A Lingard
Mr C A Shaw
(Appointed 1 April 2025)
Ms H Price
(Appointed 1 April 2025)
Mrs H Beasley
(Resigned 1 April 2025)
Mr N Pamplin
(Resigned 1 April 2025)
Auditor

Azets Audit Services Limited were appointed as auditor to the company and are 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 S Dixon
Director
8 August 2025
HATMILL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 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:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company transactions and disclose with reasonable accuracy at any time the financial position of the group and company enabling 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, taking reasonable steps for the prevention and detection of fraud and other irregularities.

HATMILL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HATMILL LTD
- 5 -
Opinion

We have audited the financial statements of Hatmill Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise 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:

HATMILL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HATMILL LTD
- 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:

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.

HATMILL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HATMILL LTD
- 7 -

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.

Other matters which we are required to address

In the previous accounting period, the directors of the group took advantage of the audit exemption s477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.

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.

Chris Woodroffe (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
8 August 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
HATMILL LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
(unaudited)
Notes
£
£
Turnover
3
10,633,391
11,878,994
Cost of sales
(7,272,512)
(7,716,922)
Gross profit
3,360,879
4,162,072
Administrative expenses
(1,705,595)
(1,590,285)
Operating profit
4
1,655,284
2,571,787
Interest receivable and similar income
8
56,357
39,242
Interest payable and similar expenses
9
(556)
(763)
Profit before taxation
1,711,085
2,610,266
Tax on profit
10
(433,790)
(718,065)
Profit for the financial year
1,277,295
1,892,201
Other comprehensive income
Currency translation loss taken to retained earnings
(16,595)
(1,814)
Total comprehensive income for the year
1,260,700
1,890,387
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HATMILL LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
(unaudited)
Notes
£
£
£
£
Fixed assets
Intangible assets
12
6,000
8,999
Tangible assets
13
22,397
36,859
28,397
45,858
Current assets
Debtors
16
2,239,095
2,477,171
Cash at bank and in hand
1,821,135
3,093,226
4,060,230
5,570,397
Creditors: amounts falling due within one year
17
(1,301,678)
(2,023,351)
Net current assets
2,758,552
3,547,046
Total assets less current liabilities
2,786,949
3,592,904
Provisions for liabilities
Deferred tax liability
18
7,100
11,225
(7,100)
(11,225)
Net assets
2,779,849
3,581,679
Capital and reserves
Called up share capital
20
125
125
Share premium account
282,022
282,022
Profit and loss reserves
2,497,702
3,299,532
Total equity
2,779,849
3,581,679
The financial statements were approved by the board of directors and authorised for issue on 8 August 2025 and are signed on its behalf by:
08 August 2025
Mr S Dixon
Director
Company registration number 06868837 (England and Wales)
HATMILL LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
(unaudited)
Notes
£
£
£
£
Fixed assets
Intangible assets
12
6,000
8,999
Tangible assets
13
22,397
35,930
Investments
14
846
846
29,243
45,775
Current assets
Debtors
16
2,428,936
2,751,516
Cash at bank and in hand
1,634,097
3,002,772
4,063,033
5,754,288
Creditors: amounts falling due within one year
17
(1,247,456)
(2,005,174)
Net current assets
2,815,577
3,749,114
Total assets less current liabilities
2,844,820
3,794,889
Provisions for liabilities
Deferred tax liability
18
7,100
11,225
(7,100)
(11,225)
Net assets
2,837,720
3,783,664
Capital and reserves
Called up share capital
20
125
125
Share premium account
282,022
282,022
Profit and loss reserves
2,555,573
3,501,517
Total equity
2,837,720
3,783,664

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 £1,116,586 (2024 - £2,092,372 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 August 2025 and are signed on its behalf by:
08 August 2025
Mr S Dixon
Director
Company registration number 06868837 (England and Wales)
HATMILL LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
125
282,022
2,947,282
3,229,429
Year ended 31 March 2024:
Profit for the year
-
-
1,892,201
1,892,201
Other comprehensive income:
Currency translation differences
-
-
(1,814)
(1,814)
Total comprehensive income
-
-
1,890,387
1,890,387
Dividends
11
-
-
(1,538,137)
(1,538,137)
Balance at 31 March 2024 (unaudited)
125
282,022
3,299,532
3,581,679
Year ended 31 March 2025:
Profit for the year
-
-
1,277,295
1,277,295
Other comprehensive income:
Currency translation differences
-
-
(16,595)
(16,595)
Total comprehensive income
-
-
1,260,700
1,260,700
Dividends
11
-
-
(2,062,530)
(2,062,530)
Balance at 31 March 2025
125
282,022
2,497,702
2,779,849
HATMILL LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
125
282,022
2,947,282
3,229,429
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
2,092,372
2,092,372
Dividends
11
-
-
(1,538,137)
(1,538,137)
Balance at 31 March 2024 (unaudited)
125
282,022
3,501,517
3,783,664
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,116,586
1,116,586
Dividends
11
-
-
(2,062,530)
(2,062,530)
Balance at 31 March 2025
125
282,022
2,555,573
2,837,720
HATMILL LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
(unaudited)
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,493,123
2,476,884
Interest paid
(556)
(763)
Income taxes paid
(744,767)
(509,959)
Net cash inflow from operating activities
747,800
1,966,162
Investing activities
Purchase of tangible fixed assets
(13,718)
(33,677)
Interest received
56,357
39,242
Net cash generated from investing activities
42,639
5,565
Financing activities
Dividends paid to equity shareholders
(2,062,530)
(1,538,137)
Net cash used in financing activities
(2,062,530)
(1,538,137)
Net (decrease)/increase in cash and cash equivalents
(1,272,091)
433,590
Cash and cash equivalents at beginning of year
3,093,226
2,659,636
Cash and cash equivalents at end of year
1,821,135
3,093,226
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Hatmill Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Old Hall Farm, Grantley, Ripon, HG4 3PJ.

 

The group consists of Hatmill Ltd 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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:

 

The financial statements of the company are consolidated in the financial statements of Hatmill Limited. These consolidated financial statements are available from its registered office, Old Hall Farm, Grantley, Ripon, North Yorkshire, United Kingdom, HG4 3PJ.

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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

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

 

All financial statements are made up to 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.

1.4
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.

1.5
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.

 

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

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software
20% straight line
Virtual Forecaster
33% straight line
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

1.8
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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

 

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

 

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

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.

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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Management consultancy
10,633,391
11,878,994
2025
2024
£
£
Turnover analysed by geographical market
UK
8,995,204
10,995,665
Rest of World
1,638,187
883,329
10,633,391
11,878,994
2025
2024
£
£
Other revenue
Interest income
56,357
39,242
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
5,652
3,231
Depreciation of owned tangible fixed assets
27,575
31,829
Loss on disposal of tangible fixed assets
596
-
Amortisation of intangible assets
2,999
3,152
Operating lease charges
1,813
2,106
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
22,000
-
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
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
Administrative Staff
6
5
5
5
Directors
4
5
4
4
Employee Directors
3
3
3
3
Productive Staff
53
52
52
50
Total
66
65
64
62

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,712,191
4,426,492
4,390,593
4,234,376
Social security costs
597,487
533,877
585,131
528,863
Pension costs
781,283
632,350
773,410
627,573
6,090,961
5,592,719
5,749,134
5,390,812
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
281,342
291,516
Company pension contributions to defined contribution schemes
103,848
98,909
385,190
390,425

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
134,181
137,966
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
56,357
39,242
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
556
763
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
383,097
710,600
Adjustments in respect of prior periods
-
0
7,702
Total UK current tax
383,097
718,302
Foreign current tax on profits for the current period
61,918
338
Total current tax
445,015
718,640
Deferred tax
Origination and reversal of timing differences
(11,225)
(575)
Total tax charge
433,790
718,065
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 23 -

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
1,711,085
2,610,266
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
427,771
652,567
Tax effect of expenses that are not deductible in determining taxable profit
10,338
57,851
Unutilised tax losses carried forward
21,095
-
0
Permanent capital allowances in excess of depreciation
(3,430)
(8,157)
Depreciation on assets not qualifying for tax allowances
7,562
8,677
Effect of overseas tax rates
(2,228)
-
0
Under/(over) provided in prior years
-
0
7,702
Deferred tax adjustments in respect of prior years
(11,225)
(575)
Foreign exchange differences
(16,093)
-
0
Taxation charge
433,790
718,065
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
2,062,530
1,538,137
12
Intangible fixed assets
Group
Computer software
Virtual Forecaster
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
14,999
151,978
166,977
Amortisation and impairment
At 1 April 2024
6,000
151,978
157,978
Amortisation charged for the year
2,999
-
0
2,999
At 31 March 2025
8,999
151,978
160,977
Carrying amount
At 31 March 2025
6,000
-
0
6,000
At 31 March 2024
8,999
-
0
8,999
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Intangible fixed assets
(Continued)
- 24 -
Company
Computer software
Virtual Forecaster
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
14,999
151,978
166,977
Amortisation and impairment
At 1 April 2024
6,000
151,978
157,978
Amortisation charged for the year
2,999
-
0
2,999
At 31 March 2025
8,999
151,978
160,977
Carrying amount
At 31 March 2025
6,000
-
0
6,000
At 31 March 2024
8,999
-
0
8,999
13
Tangible fixed assets
Group
Computers
£
Cost
At 1 April 2024
158,110
Additions
13,718
Disposals
(1,180)
Exchange adjustments
(11)
At 31 March 2025
170,637
Depreciation and impairment
At 1 April 2024
121,251
Depreciation charged in the year
27,575
Eliminated in respect of disposals
(584)
Exchange adjustments
(2)
At 31 March 2025
148,240
Carrying amount
At 31 March 2025
22,397
At 31 March 2024
36,859
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Tangible fixed assets
(Continued)
- 25 -
Company
Computers
£
Cost
At 1 April 2024
156,919
Additions
13,718
At 31 March 2025
170,637
Depreciation and impairment
At 1 April 2024
120,989
Depreciation charged in the year
27,251
At 31 March 2025
148,240
Carrying amount
At 31 March 2025
22,397
At 31 March 2024
35,930
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
846
846
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
846
Carrying amount
At 31 March 2025
846
At 31 March 2024
846
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hatmill, Inc.
8 The Green, Suite B, Dover, Delaware, 19901
Ordinary
100.00
Hatmill, B.V.
Delflandlaan 1, 1062 EA, Amsterdam
Ordinary
100.00
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,036,195
2,381,954
1,864,048
2,298,150
Amounts owed by group undertakings
-
-
379,203
360,443
Other debtors
90,493
44,862
89,713
42,568
Prepayments and accrued income
105,307
50,355
88,872
50,355
2,231,995
2,477,171
2,421,836
2,751,516
Deferred tax asset (note 18)
7,100
-
0
7,100
-
0
2,239,095
2,477,171
2,428,936
2,751,516
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
273,150
553,899
263,147
544,724
Amounts owed to group undertakings
-
0
-
0
67,414
-
0
Corporation tax payable
94,229
393,981
33,097
393,823
Other taxation and social security
483,716
603,180
479,448
598,167
Other creditors
87,939
69,179
87,939
69,179
Accruals and deferred income
362,644
403,112
316,411
399,281
1,301,678
2,023,351
1,247,456
2,005,174
HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
7,100
11,225
-
-
Disallowable provisions
-
-
7,100
-
7,100
11,225
7,100
-
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
7,100
11,225
-
-
Disallowable provisions
-
-
7,100
-
7,100
11,225
7,100
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
11,225
11,225
Credit to profit or loss
(11,225)
(11,225)
Asset at 31 March 2025
-
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. 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
781,283
632,350

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.

HATMILL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
12,538
12,538
125
125
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
519,754
526,518
22
Controlling party

The directors are of the opinion that the company has no ultimate controlling party.

23
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,277,295
1,892,201
Adjustments for:
Taxation charged
433,790
718,065
Finance costs
556
763
Investment income
(56,357)
(39,242)
Loss on disposal of tangible fixed assets
596
-
Amortisation and impairment of intangible assets
2,999
3,152
Depreciation and impairment of tangible fixed assets
27,575
31,829
Movements in working capital:
Decrease/(increase) in debtors
228,590
(592,119)
(Decrease)/increase in creditors
(421,921)
462,235
Cash generated from operations
1,493,123
2,476,884
24
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
3,093,226
(1,272,091)
1,821,135
2025-03-312024-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr S DixonMr P BradleyMr A LingardMr C A ShawMs H PriceMrs H BeasleyMr N 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