Company registration number 13240232 (England and Wales)
BICYCLE LONDON LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BICYCLE LONDON LIMITED
COMPANY INFORMATION
Directors
P Avery
M Jarvis
E Mari
G Douglas
H Daglish
Secretary
R Patel
Company number
13240232
Registered office
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Auditor
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
1st and 2nd Floor
300 St John Street
London
EC1V 4PA
BICYCLE LONDON LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 26
BICYCLE LONDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Executive Summary: A Landmark Year of Growth & Ambition

FY2025 was a transformative year for Bicycle London Group. In a climate of economic uncertainty, we didn't just grow; we outperformed our financial targets, forged powerful new client partnerships, and solidified our position as one of the UK's leading independent agencies.

We delivered a landmark 48% year-on-year growth in Gross Profit to £5.64m, with an EBITDA of £1.76m that surpassed our budget. This is more than a set of numbers; it's proof that our values-driven model, which champions long-term partnership over short-term gain, delivers extraordinary results. Our success is built on a distinct culture of ownership, attracting exceptional talent and ambitious clients who share our vision to leave the media industry better than we found it.

Financial Highlights: Fuelling Our Future

Our financial performance is the engine of our ambition. The 39% surge in Gross Profit demonstrates the increasing client confidence in our integrated model, while disciplined cost management saw our Staff Cost Ratio improve from 66% to 64%. This operational excellence generated £1.68m in free cash, providing a powerful foundation for future investment.

In recognition of this collective success, every employee shared in a company-wide bonus. We also expanded our MBO scheme to new senior leaders, deepening our culture of ownership that directly fuels our growth.

Financial performance

KPI | FY2025 | FY2024
Gross Profit | £5.64m | £4.06m
EBITDA (Excl. bonuses & exceptional costs) | £1.76m | £1.10m
Profit Margin (EBITDA / gross profit) | 25% | 22%
Staff Cost Ratio (staff costs and consultancy fees / gross profit) | 64% | 66%
Current Ratio | 1.13 | 1.14
Free Cash | £1.68m | £1.11m

Client Success & Landmark Work

This was a milestone year for our client partnerships. Our pitch conversion rate exceeded 70%, leading to major new wins including Papa John's, OpenTable, and zooplus—all of whom have been retained into FY2026, validating our long-term partnership approach.

Our obsession with client success is reflected in a 75% retention rate and satisfaction scores consistently above 80%. But we go beyond satisfaction; we deliver impact.

- Integrated Impact: Our work with Papa Johns culminated in the launch of their new brand platform, 'Devoted to the Dough'. As our first fully integrated creative and media campaign, it drove a significant uptick in their sales performance.

- Industry Recognition: Our excellence was recognised across the board. We were awarded an 8 in Campaign Magazine’s Annual School Report—the highest of any UK independent—and named ‘One to Watch’ for 2025. This was followed by Bronze for Campaign’s Media Agency of the Year and the coveted Media Leader of The Year award for our CEO, Henry Daglish.

Our momentum is accelerating, with a powerful FY2026 pipeline already secured, including confirmed wins with Warner Hotels, Mishcon De Reya, and Five Guys.

BICYCLE LONDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Our Engine: People, Culture & Purpose

Our success is driven by our people. This year, our headcount grew from 33 to 45, yet we maintained an industry-leading staff turnover of less than 10%. This is not by accident. We invest relentlessly in creating a culture where exceptional talent can thrive.

This culture is built on a foundation of purpose. As a certified B Corp™, we embed our values of Drive, Balance, and Freedom into every decision. We cultivate talent through our bespoke "Pedal to Success" training initiative and market-leading compensation, earning us our third consecutive IPA CPD Gold accreditation.

Our people are recognised as the best in the business. We are incredibly proud of Simone Gayle being named one of Management Today’s ‘35 Women Under 35’ and Alex Eyles featuring in Campaign’s ‘30 Under 30’.

Purpose, ESG & B Corp Commitments

Our B Corp™ certification guides our commitment to positive social and environmental impact. Key actions this year include:

- Social Impact: Continuing our XO Bikes partnership to support ex-offenders and strengthening our ethical screening process for all clients and suppliers.

- Environmental Responsibility: Maintaining our company-wide green pension scheme and scoping out detailed carbon footprint measurement to inform future reduction targets.

Governance & Risk Management

With a stable Board and strengthened governance, we proactively manage risk to ensure long-term resilience. Our strategy focuses on mitigating the primary challenges in our industry:

- Market Volatility: We counter economic uncertainty with a diverse client base, a focus on long-term partnerships, and an agile cost structure.

- Talent Competition: Our award-winning culture and investment in our people have resulted in an industry-leading staff turnover rate of under 10%, securing the top talent our clients depend on.

- Client Concentration: We actively de-risk revenue by continuously expanding our new business pipeline across multiple sectors and embedding long-term, multi-service relationships.

Vision for FY2026: Investing for the future

We enter FY2026 with confidence, momentum, and a clear vision for the future. Building on the powerful foundation of FY2025, we are moving into a deliberate phase of strategic investment.

Our targets are ambitious, reflecting planned investments in our people and capabilities. We are evolving our service model to meet the growing client demand for data-led consultancy, expanding our expertise in:

- Embedded creative strategy and insight-driven planning

- Data engineering and AI-powered analytics

- Automated and scalable performance solutions

While we remain vigilant to market challenges and the race for talent, our diversified client base, strong financial footing, and award-winning culture provide a resilient foundation for this next phase of growth.

BICYCLE LONDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

FY2025 was a defining year. FY2026 will be the year we build the agency of the future. We are scaling responsibly, investing strategically, and remain relentlessly focused on creating long-term value for our clients, our people, and our industry.

On behalf of the board

P Avery
Director
2 October 2025
BICYCLE LONDON 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 group’s principal activity is the provision of integrated media planning and buying services, creative solutions, and data-driven communication strategies. Our commitment to the "power of and" ensures seamless integration across disciplines, delivering value in technology, data, and digital innovation.

Results and dividends

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

Ordinary dividends were paid amounting to £570,824 (2024 - £345,000). 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:

P Avery
M Jarvis
E Mari
G Douglas
H Daglish
Financial instruments

The group's credit risk is primarily attributable to its trade receivables. Credit risk is managed by advance billing on projects where possible, running credit checks on new clients, taking into consideration clients funding, current financial health, country of domicile, and by monitoring payments against contractual agreements.

The principle business risks affecting the group are considered to relate to:

- Loss of key clients

- Retaining key talent

- Maintaining pace with technological advances

Auditor

The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

BICYCLE LONDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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.

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.

Medium-sized companies exemption

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

On behalf of the board
P Avery
Director
2 October 2025
BICYCLE LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BICYCLE LONDON LIMITED
- 6 -
Opinion

We have audited the financial statements of Bicycle London Limited (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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BICYCLE LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BICYCLE LONDON 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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the group, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006 and Financial Reporting Standard 102.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the group's operations and to avoid material penalties, including the General Data Protection Regulation, employment law, health and safety and the Advertising Standards Authority's (ASA) advertising code.

Having reviewed the laws and regulations applicable to the group, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

- Selected a team with sector experience to perform the audit;

- Obtained an understanding of the group’s procedures for ensuring compliance with laws and regulations;

- Obtained and reviewed internal policy and procedure documents;

- Made enquiries of management and the directors regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations;

- Obtained and reviewed meeting minutes;

- Obtained and reviewed correspondence with the ASA;

- Reviewed legal expenses accounts for indications of any possible non-compliance; and

- Reviewed the completeness and accuracy of any disclosures made in the financial statements.

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

We assessed the susceptibility of the group’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

- Making an assessment of the company’s control environment, systems and controls including identifying any weaknesses and considering the risk of management override of controls;

- Assessing the susceptibility of the company’s financial statements to material misstatement, including considering how fraud could occur;

- Considering whether there are any incentives or opportunities for management to manipulate financial results;

- Obtaining and evaluating the directors’ assessment of the risk of fraud, and enquiring as to whether they are aware of any actual or suspected incidences of fraud;

- Reviewing the accounting policies and accounting estimates for signs of management bias; and

- Identifying key risks relating to irregularities as relating to revenue recognition including fraud, management override of controls and the recoverability of debtors.

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, tracing post year end receipts to confirm the recoverability of debtors and reviewing journal entries and accounting estimates for signs of management bias or override of controls.

The audit has been planned and performed in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Healey FCA (Senior Statutory Auditor)
For and on behalf of Lindeyer Francis Ferguson Limited, Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
2 October 2025
BICYCLE LONDON LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
35,783,115
21,955,160
Cost of sales
(30,139,668)
(17,899,168)
Gross profit
5,643,447
4,055,992
Administrative expenses
(4,252,517)
(3,195,644)
Operating profit
4
1,390,930
860,348
Interest receivable and similar income
7
161,849
99,686
Interest payable and similar expenses
8
(4,076)
-
0
Profit before taxation
1,548,703
960,034
Tax on profit
9
(391,632)
(241,711)
Profit for the financial year
1,157,071
718,323
Profit and total comprehensive income for the financial year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

BICYCLE LONDON LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
4,095
5,733
Tangible assets
12
60,471
42,268
64,566
48,001
Current assets
Debtors
15
2,194,693
1,812,792
Cash at bank and in hand
16
12,637,769
7,516,906
14,832,462
9,329,698
Creditors: amounts falling due within one year
17
(13,152,008)
(8,218,926)
Net current assets
1,680,454
1,110,772
Net assets
1,745,020
1,158,773
Capital and reserves
Called up share capital
19
1,000
1,000
Share premium account
289,432
289,432
Profit and loss reserves
1,454,588
868,341
Total equity
1,745,020
1,158,773

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

The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
02 October 2025
P Avery
Director
Company registration number 13240232 (England and Wales)
BICYCLE LONDON LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
4,095
5,733
Tangible assets
12
60,471
42,268
Investments
13
200
200
64,766
48,201
Current assets
Debtors
15
3,041,102
2,802,789
Cash at bank and in hand
16
8,568,173
5,879,111
11,609,275
8,681,900
Creditors: amounts falling due within one year
17
(10,700,190)
(7,845,935)
Net current assets
909,085
835,965
Net assets
973,851
884,166
Capital and reserves
Called up share capital
19
1,000
1,000
Share premium account
289,432
289,432
Profit and loss reserves
683,419
593,734
Total equity
973,851
884,166

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company’s profit for the year was £660,509 (2024 - £573,922 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
02 October 2025
P Avery
Director
Company registration number 13240232 (England and Wales)
BICYCLE LONDON LIMITED
GROUP 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
1,000
289,432
495,018
785,450
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
718,323
718,323
Dividends
10
-
-
(345,000)
(345,000)
Balance at 31 March 2024
1,000
289,432
868,341
1,158,773
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,157,071
1,157,071
Dividends
10
-
-
(570,824)
(570,824)
Balance at 31 March 2025
1,000
289,432
1,454,588
1,745,020
BICYCLE LONDON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,000
289,432
364,812
655,244
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
573,922
573,922
Dividends
10
-
-
(345,000)
(345,000)
Balance at 31 March 2024
1,000
289,432
593,734
884,166
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
660,509
660,509
Dividends
10
-
-
(570,824)
(570,824)
Balance at 31 March 2025
1,000
289,432
683,419
973,851
BICYCLE LONDON LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
5,821,979
254,730
Interest paid
(4,076)
-
0
Income taxes paid
(242,758)
(231,973)
Net cash inflow from operating activities
5,575,145
22,757
Investing activities
Purchase of tangible fixed assets
(45,307)
(24,996)
Interest received
161,849
99,686
Net cash generated from investing activities
116,542
74,690
Financing activities
Dividends paid to equity shareholders
(570,824)
(345,000)
Net cash used in financing activities
(570,824)
(345,000)
Net increase/(decrease) in cash and cash equivalents
5,120,863
(247,553)
Cash and cash equivalents at beginning of year
7,516,906
7,764,459
Cash and cash equivalents at end of year
12,637,769
7,516,906
BICYCLE LONDON LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
3,361,910
(124,077)
Income taxes paid
(195,504)
(201,183)
Net cash inflow/(outflow) from operating activities
3,166,406
(325,260)
Investing activities
Purchase of tangible fixed assets
(45,307)
(24,996)
Purchase of subsidiaries
-
0
(100)
Interest received
138,787
99,686
Net cash generated from investing activities
93,480
74,590
Financing activities
Dividends paid to equity shareholders
(570,824)
(345,000)
Net cash used in financing activities
(570,824)
(345,000)
Net increase/(decrease) in cash and cash equivalents
2,689,062
(595,670)
Cash and cash equivalents at beginning of year
5,879,111
6,474,781
Cash and cash equivalents at end of year
8,568,173
5,879,111
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Bicycle London Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is North House, 198 High Street, Tonbridge, Kent, TN9 1BE. The principal place of business is 1st and 2nd Floor, 300 St John Street, London, EC1V 4PA.

The group consists of Bicycle London 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 group. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bicycle London Limited together with all entities controlled by the parent company (its subsidiaries).

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 g roup.

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.

BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover represents the value for gross billings, net of value added tax, and fair value to the right of consideration in exchange for the performance of its contractual obligations in respect of services provided to customers.

Specifically, commissions are recognised as income when the related advertisements appear. Fees are recognised as income when earned in accordance with the contractual agreement with the client. Where revenue has been earned before the end of an accounting period but not billed, it is accrued in the financial statements.

The group acts as principal, controlling and negotiating services provided by third parties to clients, such as media costs. Revenue is recorded as the cost-to-client amount billed and is recognised based on costs incurred, reflecting the proportion of the contract performed to date.

In relation to creative advertising agency services, the nature of scope of the service will determine the revenue recognition policy to adopt. It will be adopted on either a percentage of completion basis or on a straight line basis.

1.6
Intangible fixed assets

Intangible assets comprise of computer software, are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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
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:

Fixtures and fittings
25% Straight Line
Computers
33% Straight Line
Office Equipment
33% Straight Line

The assets' residual values, useful lives, and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is a significant chance since the last reporting date.

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

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

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.

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.

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from other third parties.

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

1.12
Dividends

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 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.

1.14
Retirement benefits

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions to a separate entity. Once the contributions are paid, the group has no further obligations. Contributions are recognised as an expense in profit or loss when they fall due. Unpaid amounts are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.15
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 lease d asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Advertising services
34,694,688
21,472,546
Creative services
1,088,427
482,614
35,783,115
21,955,160
2025
2024
£
£
Turnover analysed by geographical market
UK
30,153,107
21,735,942
Overseas
5,630,008
219,218
35,783,115
21,955,160
2025
2024
£
£
Other revenue
Interest income
161,849
99,686
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(34,067)
11,238
Fees payable to the group's auditor for the audit of the group's financial statements
11,850
9,700
Depreciation of owned tangible fixed assets
27,104
18,169
Amortisation of intangible assets
1,638
1,638
Operating lease charges
140,540
86,194
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
5
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
37
25
37
24

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,406,817
1,722,831
2,406,817
1,670,302
Social security costs
280,593
170,572
280,593
165,520
Pension costs
108,923
27,841
108,923
27,351
2,796,333
1,921,244
2,796,333
1,863,173

At the year-end, headcount, consisting of directors and employees, totalled 45 (2024: 34).

6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
397,470
420,081
Company pension contributions to defined contribution schemes
60,000
-
457,470
420,081
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
150,930
108,333
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
161,849
99,686
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
4,076
-
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
391,632
241,711

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
1,548,703
960,034
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
387,176
240,009
Tax effect of expenses that are not deductible in determining taxable profit
9,007
4,706
Permanent capital allowances in excess of depreciation
(4,551)
(1,707)
Under/(over) provided in prior years
-
0
(637)
Tax at marginal rate
-
0
(660)
Taxation charge
391,632
241,711
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
570,824
345,000
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
11
Intangible fixed assets
Group and company
Computer software
£
Cost
At 1 April 2024 and 31 March 2025
8,190
Amortisation and impairment
At 1 April 2024
2,457
Amortisation charged for the year
1,638
At 31 March 2025
4,095
Carrying amount
At 31 March 2025
4,095
At 31 March 2024
5,733
12
Tangible fixed assets
Group and company
Fixtures and fittings
Computers
Office Equipment
Total
£
£
£
£
Cost
At 1 April 2024
24,748
47,303
1,249
73,300
Additions
22,276
20,629
2,402
45,307
At 31 March 2025
47,024
67,932
3,651
118,607
Depreciation and impairment
At 1 April 2024
4,197
26,120
715
31,032
Depreciation charged in the year
9,365
17,068
671
27,104
At 31 March 2025
13,562
43,188
1,386
58,136
Carrying amount
At 31 March 2025
33,462
24,744
2,265
60,471
At 31 March 2024
20,551
21,183
534
42,268
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
200
200
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
200
Carrying amount
At 31 March 2025
200
At 31 March 2024
200
14
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
Bicycle International Limited
England and Wales
Ordinary
100.00
Bicycle Studio Limited
England and Wales
Ordinary
100.00
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,557,282
1,245,017
1,091,596
1,178,075
Amounts owed by group undertakings
-
-
1,794,492
1,226,322
Other debtors
456,025
477,233
93,437
307,850
Prepayments and accrued income
181,386
90,542
61,577
90,542
2,194,693
1,812,792
3,041,102
2,802,789
16
Cash at bank and in hand
Group
Company
2025
2024
2025
2024
£
£
£
£
Cash at bank and in hand
12,075,401
6,966,906
8,005,805
5,329,111
Cash on deposit with a maturity of less than 12 months
562,368
550,000
562,368
550,000
12,637,769
7,516,906
8,568,173
5,879,111
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Trade creditors
7,233,575
3,641,840
6,117,297
3,624,193
Amounts owed to group undertakings
-
0
-
0
18,336
19,681
Corporation tax payable
391,222
242,348
225,199
195,094
Other taxation and social security
113,532
104,531
74,701
57,198
Deferred income
1,242,207
982,767
1,242,207
982,767
Other creditors
927,367
898,107
840,835
808,013
Accruals
3,244,105
2,349,333
2,181,615
2,158,989
13,152,008
8,218,926
10,700,190
7,845,935
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,923
27,841

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.

19
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
20
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
195,081
91,612
195,081
91,612
Between two and five years
59,351
41,226
59,351
41,226
254,432
132,838
254,432
132,838
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
21
Related party transactions

During the year, in Bicycle London Limited, payments amounting to £33,333 (2024: £65,000) were paid to a business of one of the directors in relation to professional services.

During the year, In Bicycle London Limited, payments amounting to £4,500 (2024: £4,000) were paid to the sole trade business of a second director in relation to professional services.

During the year, in Bicycle London Limited, payments accounting for £16,667 (2024: £33,333) were paid to the sole trader business of a close family member of one of the directors in relation to professional services.

During the year, in Bicycle London Limited, payments accounting for £16,668 (2024: £nil) were paid to the sole trader business of a close family member of a second director in relation to professional services.

During the year, in Bicycle International Limited, payments amounting to £66,667 (2024: £35,333) were paid to a business of one of the directors in relation to professional services.

During the year, in Bicycle International Limited, payments accounting for £33,333 (2024: £nil) were paid to the sole trader business of a close family member of one of the directors in relation to professional services.

22
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,157,071
718,323
Adjustments for:
Taxation charged
391,632
241,711
Finance costs
4,076
-
0
Investment income
(161,849)
(99,686)
Amortisation of intangible assets
1,638
1,638
Depreciation of tangible fixed assets
27,104
18,169
Movements in working capital:
Increase in debtors
(381,901)
(728,110)
Increase/(decrease) in creditors
4,524,768
(116,851)
Increase in deferred income
259,440
219,536
Cash generated from operations
5,821,979
254,730
BICYCLE LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
23
Cash generated from/(absorbed by) operations - company
2025
2024
£
£
Profit after taxation
660,509
573,922
Adjustments for:
Taxation charged
225,609
194,457
Investment income
(138,787)
(99,686)
Amortisation of intangible assets
1,638
1,638
Depreciation of tangible fixed assets
27,104
18,169
Movements in working capital:
Increase in debtors
(238,313)
(741,120)
Increase/(decrease) in creditors
2,564,710
(290,993)
Increase in deferred income
259,440
219,536
Cash generated from/(absorbed by) operations
3,361,910
(124,077)
24
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
7,516,906
5,120,863
12,637,769
25
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
5,879,111
2,689,062
8,568,173
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.200 P Avery M Jarvis E Mari G Douglas H Daglish R Patel false 13240232 bus:Consolidated 2024-04-01 2025-03-31 13240232 2024-04-01 2025-03-31 13240232 bus:Director1 2024-04-01 2025-03-31 13240232 bus:Director2 2024-04-01 2025-03-31 13240232 bus:Director3 2024-04-01 2025-03-31 13240232 bus:Director4 2024-04-01 2025-03-31 13240232 bus:Director5 2024-04-01 2025-03-31 13240232 bus:CompanySecretary1 2024-04-01 2025-03-31 13240232 bus:RegisteredOffice 2024-04-01 2025-03-31 13240232 bus:Consolidated 2023-04-01 2024-03-31 13240232 2025-03-31 13240232 bus:Consolidated 2025-03-31 13240232 dpl:Item1 bus:Consolidated 2024-04-01 2025-03-31 13240232 dpl:Item1 bus:Consolidated 2023-04-01 2024-03-31 13240232 dpl:Item2 bus:Consolidated 2024-04-01 2025-03-31 13240232 dpl:Item2 bus:Consolidated 2023-04-01 2024-03-31 13240232 countries:UnitedKingdom bus:Consolidated 2024-04-01 2025-03-31 13240232 countries:UnitedKingdom bus:Consolidated 2023-04-01 2024-03-31 13240232 countries:RestWorldOutsideUK bus:Consolidated 2024-04-01 2025-03-31 13240232 countries:RestWorldOutsideUK bus:Consolidated 2023-04-01 2024-03-31 13240232 2023-04-01 2024-03-31 13240232 core:IntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-03-31 13240232 core:IntangibleAssetsOtherThanGoodwill bus:Consolidated 2024-03-31 13240232 core:IntangibleAssetsOtherThanGoodwill 2025-03-31 13240232 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 13240232 core:ComputerSoftware bus:Consolidated 2025-03-31 13240232 core:ComputerSoftware bus:Consolidated 2024-03-31 13240232 bus:Consolidated 2024-03-31 13240232 2024-03-31 13240232 core:FurnitureFittings bus:Consolidated 2025-03-31 13240232 core:ComputerEquipment bus:Consolidated 2025-03-31 13240232 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment bus:Consolidated 2025-03-31 13240232 core:FurnitureFittings bus:Consolidated 2024-03-31 13240232 core:ComputerEquipment bus:Consolidated 2024-03-31 13240232 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment bus:Consolidated 2024-03-31 13240232 bus:Consolidated 2024-03-31 13240232 2024-03-31 13240232 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 13240232 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 13240232 core:CurrentFinancialInstruments 2025-03-31 13240232 core:CurrentFinancialInstruments 2024-03-31 13240232 core:ShareCapital bus:Consolidated 2025-03-31 13240232 core:ShareCapital bus:Consolidated 2024-03-31 13240232 core:SharePremium bus:Consolidated 2025-03-31 13240232 core:SharePremium bus:Consolidated 2024-03-31 13240232 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 13240232 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 13240232 core:ShareCapital 2025-03-31 13240232 core:ShareCapital 2024-03-31 13240232 core:SharePremium 2025-03-31 13240232 core:SharePremium 2024-03-31 13240232 core:RetainedEarningsAccumulatedLosses 2025-03-31 13240232 core:RetainedEarningsAccumulatedLosses 2024-03-31 13240232 core:ShareCapital bus:Consolidated 2023-03-31 13240232 core:SharePremium bus:Consolidated 2023-03-31 13240232 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-03-31 13240232 bus:Consolidated 2023-03-31 13240232 core:ShareCapital 2023-03-31 13240232 core:SharePremium 2023-03-31 13240232 core:RetainedEarningsAccumulatedLosses 2023-03-31 13240232 2023-03-31 13240232 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-04-01 2024-03-31 13240232 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-04-01 2025-03-31 13240232 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 13240232 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 13240232 core:ComputerSoftware 2024-04-01 2025-03-31 13240232 core:FurnitureFittings 2024-04-01 2025-03-31 13240232 core:ComputerEquipment 2024-04-01 2025-03-31 13240232 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 13240232 core:UKTax bus:Consolidated 2024-04-01 2025-03-31 13240232 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 13240232 bus:Consolidated 1 2024-04-01 2025-03-31 13240232 bus:Consolidated 1 2023-04-01 2024-03-31 13240232 bus:Consolidated 2 2024-04-01 2025-03-31 13240232 bus:Consolidated 2 2023-04-01 2024-03-31 13240232 core:ComputerSoftware bus:Consolidated 2024-03-31 13240232 core:ComputerSoftware bus:Consolidated 2024-04-01 2025-03-31 13240232 core:FurnitureFittings bus:Consolidated 2024-03-31 13240232 core:ComputerEquipment bus:Consolidated 2024-03-31 13240232 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment bus:Consolidated 2024-03-31 13240232 core:FurnitureFittings bus:Consolidated 2024-04-01 2025-03-31 13240232 core:ComputerEquipment bus:Consolidated 2024-04-01 2025-03-31 13240232 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment bus:Consolidated 2024-04-01 2025-03-31 13240232 core:Subsidiary1 2024-04-01 2025-03-31 13240232 core:Subsidiary2 2024-04-01 2025-03-31 13240232 core:Subsidiary1 1 2024-04-01 2025-03-31 13240232 core:Subsidiary2 2 2024-04-01 2025-03-31 13240232 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-03-31 13240232 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 13240232 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 13240232 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13240232 core:WithinOneYear bus:Consolidated 2025-03-31 13240232 core:WithinOneYear 2024-03-31 13240232 core:WithinOneYear 2025-03-31 13240232 core:BetweenTwoFiveYears bus:Consolidated 2025-03-31 13240232 core:BetweenTwoFiveYears bus:Consolidated 2024-03-31 13240232 core:BetweenTwoFiveYears 2025-03-31 13240232 core:BetweenTwoFiveYears 2024-03-31 13240232 core:EntityControlledByKeyManagementPersonnel1 bus:Consolidated 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel2 2024-04-01 2025-03-31 13240232 core:CloseFamilyMember1 2024-04-01 2025-03-31 13240232 core:CloseFamilyMember2 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel3 2024-04-01 2025-03-31 13240232 core:CloseFamilyMember3 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel1 bus:Consolidated 2023-04-01 2024-03-31 13240232 core:EntityControlledByKeyManagementPersonnel2 bus:Consolidated 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel2 bus:Consolidated 2023-04-01 2024-03-31 13240232 core:CloseFamilyMember1 bus:Consolidated 2024-04-01 2025-03-31 13240232 core:CloseFamilyMember1 bus:Consolidated 2023-04-01 2024-03-31 13240232 core:CloseFamilyMember2 bus:Consolidated 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel3 bus:Consolidated 2024-04-01 2025-03-31 13240232 core:EntityControlledByKeyManagementPersonnel3 bus:Consolidated 2023-04-01 2024-03-31 13240232 core:CloseFamilyMember3 bus:Consolidated 2024-04-01 2025-03-31 13240232 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 13240232 bus:FRS102 2024-04-01 2025-03-31 13240232 bus:Audited 2024-04-01 2025-03-31 13240232 bus:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 13240232 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP