Company registration number 11994759 (England and Wales)
BESPOKE INTERNATIONAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
BESPOKE INTERNATIONAL GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
BESPOKE INTERNATIONAL GROUP LIMITED
COMPANY INFORMATION
Directors
Grupo Konectanet SLU
(Appointed 24 January 2024)
Mr Jafar Syed
(Appointed 7 February 2025)
Secretary
Mr Simon Judd
Company number
11994759
Registered office
8 Harbour Exchange Square
London
England
E14 9HF
Auditor
Constantin
25 Hosier Lane
London
EC1A 9LQ
BESPOKE INTERNATIONAL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors given current market conditions.

Principal risks and uncertainties

The directors address both the strategic and specific risks facing the company and connected to individual contracts (including, but not restricted to, the environmental and social responsibilities risks) using thorough risk review management procedures. These procedures consider all aspects of the business - the market sectors in which the company operates, the nature and quality of customers, the contracts it selects and the suppliers and partners it uses in the performance of those contracts.

The principal risks facing the business are:

Credit risk

This is the risk that the company will suffer bad debt. This is mitigated by strong credit control procedure including

a) credit checks on prospective clients;

b) clear and agreed written terms of payment; and

c) regular contact with debtors

Cash flow and liquidity risk

The company mitigates this by preparing cash flow forecasts on a weekly basis covering the ensuing 6 weeks. In addition, should the need arise, the company would be able to take advantage of factoring.

Key performance indicators

The directors monitor the level of turnover, staff and other operating charges and the overall net profit on contract by contract basis. These are the company's key performance indicators:

Turnover has increased 8.9% to £18.0m (2023: £16.6m)

The gross profit margin increased to 33.1% (2023: 28.0%)

At the reporting date the company had net current assets of £1.7m (2023: £0.3m)

On behalf of the board

Mr Jafar Syed
Director
9 October 2025
BESPOKE INTERNATIONAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company 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 £1,325,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D T Halfpenny
(Resigned 24 January 2024)
Mr J M Thomason
(Resigned 24 January 2024)
G Langle
(Appointed 24 January 2024 and resigned 7 February 2025)
Grupo Konectanet SLU
(Appointed 24 January 2024)
Mr Jafar Syed
(Appointed 7 February 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

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
Mr Jafar Syed
Director
9 October 2025
BESPOKE INTERNATIONAL GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

BESPOKE INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESPOKE INTERNATIONAL GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Bespoke International Group Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 of Bespoke International Group Limited (the ‘company’):

- give a true and fair view of the state of the company’s affairs as at 31 May 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

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

We have audited the financial statements which comprise:

- the profit and loss account;

- the balance sheet;

- the statement of changes in equity;

- the statement of accounting policies; and

- the related notes 1 to 21.

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).

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

BESPOKE INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESPOKE INTERNATIONAL GROUP LIMITED (CONTINUED)
- 5 -

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 the audit:

- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

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

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

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

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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

BESPOKE INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESPOKE INTERNATIONAL GROUP LIMITED (CONTINUED)
- 6 -
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 for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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, 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 considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance.

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.

BESPOKE INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESPOKE INTERNATIONAL GROUP LIMITED (CONTINUED)
- 7 -

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.

Thierry de Gennes ACA (Senior statutory auditor)
For and on behalf of Constantin
25 Hosier Lane
London
EC1A 9LQ
9 October 2025
BESPOKE INTERNATIONAL GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,031,565
16,558,617
Cost of sales
(12,072,047)
(11,916,204)
Gross profit
5,959,518
4,642,413
Administrative expenses
(3,240,325)
(2,145,889)
Other operating income
665,601
288,649
Operating profit
4
3,384,794
2,785,173
Interest receivable and similar income
7
1,045
14
Interest payable and similar expenses
8
(79,843)
(8,088)
Profit before taxation
3,305,996
2,777,099
Tax on profit
9
(624,545)
(579,760)
Profit for the financial year
2,681,451
2,197,339

BESPOKE INTERNATIONAL GROUP LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
362,988
456,470
Current assets
Debtors
12
2,534,101
3,167,452
Cash at bank and in hand
3,099,817
1,634,830
5,633,918
4,802,282
Creditors: amounts falling due within one year
13
(3,902,148)
(4,457,497)
Net current assets
1,731,770
344,785
Total assets less current liabilities
2,094,758
801,255
Creditors: amounts falling due after more than one year
14
(127,074)
(166,935)
Provisions for liabilities
Deferred tax liability
17
86,702
109,814
(86,702)
(109,814)
Net assets
1,880,982
524,506
Capital and reserves
Called up share capital
18
1,025
1,000
Profit and loss reserves
1,879,957
523,506
Total equity
1,880,982
524,506

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 9 October 2025 and are signed on its behalf by:
Mr Jafar Syed
Director
Company registration number 11994759 (England and Wales)
BESPOKE INTERNATIONAL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
826,812
827,812
Year ended 31 May 2023:
Profit and total comprehensive income
-
2,197,339
2,197,339
Dividends
10
-
(2,500,645)
(2,500,645)
Balance at 31 May 2023
1,000
523,506
524,506
Year ended 31 May 2024:
Profit and total comprehensive income
-
2,681,451
2,681,451
Issue of share capital
18
25
-
25
Dividends
10
-
(1,325,000)
(1,325,000)
Balance at 31 May 2024
1,025
1,879,957
1,880,982
BESPOKE INTERNATIONAL GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
3,396,587
2,008,736
Interest paid
(79,843)
(8,088)
Income taxes paid
(514,639)
(600,494)
Net cash inflow from operating activities
2,802,105
1,400,154
Investing activities
Proceeds from disposal of intangibles
-
0
4,253
Purchase of tangible fixed assets
-
0
(464,687)
Proceeds from disposal of tangible fixed assets
-
0
35,747
Interest received
1,045
14
Net cash generated from/(used in) investing activities
1,045
(424,673)
Financing activities
Proceeds from issue of shares
75
-
0
Payment of finance leases obligations
(88,611)
293,520
Dividends paid
(1,325,000)
(2,500,645)
Net cash used in financing activities
(1,413,536)
(2,207,125)
Net increase/(decrease) in cash and cash equivalents
1,389,614
(1,231,644)
Cash and cash equivalents at beginning of year
1,634,830
2,866,474
Cash and cash equivalents at end of year
3,024,444
1,634,830
Relating to:
Cash at bank and in hand
3,099,817
1,634,830
Bank overdrafts included in creditors payable within one year
(75,373)
-
0
BESPOKE INTERNATIONAL GROUP LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
1
Judgements and key sources of estimation uncertainty

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

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

2
Accounting policies
Company information

Bespoke International Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Harbour Exchange Square, London, England, E14 9HF.

2.1
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 a mounts in these financial statements are rounded to the nearest £.

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

2.2
Going concern

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

In assessing whether the going concern basis is appropriate, the directors take into account that the company is in possession of a letter of support from its parent entity Konecta UK Limited which confirms immediate financial support in case of financial difficulties, as well as all available information about the future, which is at, but is not limited to, 12 months from the date of signing these financial statements.

2.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 13 -
2.4
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
20% straight line
2.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use.

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.

2.6
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.

2.7
Financial instruments

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

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

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

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.

BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 14 -
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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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 paymen ts 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. A m ounts 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.

BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 15 -
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 s ubsequently 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 th r ough 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 company’s contractual obligations expire or are discharged or cancelled.

2.8
Taxation

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

Current tax

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

2.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.11
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.

3
Turnover and other revenue
BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Other revenue
Interest income
1,045
14
Grants received
665,601
288,649
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
352,229
(405,820)
Government grants
(665,601)
(288,649)
Depreciation of owned tangible fixed assets
93,482
22,705
Profit on disposal of intangible assets
-
(4,253)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,000
-
0
6
Employees

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

2024
2023
Number
Number
0
1

None of the directors received any remuneration from the company during the year (2023 - £nil)

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,045
14
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,045
14
BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
73,433
8,088
Other interest
6,410
-
0
79,843
8,088
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
647,657
469,946
Deferred tax
Origination and reversal of timing differences
(23,112)
109,814
Total tax charge
624,545
579,760

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,305,996
2,777,099
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
826,499
555,420
Tax effect of expenses that are not deductible in determining taxable profit
4
19,435
Effect of change in corporation tax rate
-
0
4,905
Group relief
(201,958)
-
0
Taxation charge for the year
624,545
579,760
10
Dividends
2024
2023
£
£
Interim paid
1,325,000
2,500,645
BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
11
Tangible fixed assets
Computers
£
Cost
At 1 June 2023 and 31 May 2024
467,409
Depreciation and impairment
At 1 June 2023
10,939
Depreciation charged in the year
93,482
At 31 May 2024
104,421
Carrying amount
At 31 May 2024
362,988
At 31 May 2023
456,470
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,406,363
1,433,038
Unpaid share capital
-
0
50
Other debtors
157,439
1,494,584
Prepayments and accrued income
970,299
239,780
2,534,101
3,167,452
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
75,373
-
0
Obligations under finance leases
16
117,735
166,485
Trade creditors
2,114,407
3,335,784
Corporation tax
268,963
135,945
Other taxation and social security
968,646
634,288
Other creditors
(24,326)
28,159
Accruals and deferred income
381,350
156,836
3,902,148
4,457,497
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
127,074
166,935
BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
75,373
-
0
Payable within one year
75,373
-
0
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
117,735
166,485
In two to five years
127,074
166,935
244,809
333,420
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
86,702
109,814
2024
Movements in the year:
£
Liability at 1 June 2023
109,814
Credit to profit or loss
(23,112)
Liability at 31 May 2024
86,702
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
300
300
300
300
B Ordinary of £1 each
190
190
190
190
C Ordinary of £1 each
300
300
300
300
D Ordinary of £1 each
210
210
210
210
E Ordinary of £1 each
25
-
25
-
1,025
1,000
1,025
1,000
BESPOKE INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
19
Ultimate controlling party

The company's immediate parent undertaking and controlling party is Konecta UK Limited, a company registered and incorporated in England and Wales.

The company's ultimate parent undertaking and controlling party is Intermediate Capital Group PLC, a company registered in England and Wales.

The smallest group company for which group accounts are prepared which include the company is Grupo Konectanet SLU, a company registered in Spain. Accounts are available from 41 Calle Serrano, 2o Planta, 28006 Madrid, Spain

20
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,681,451
2,197,339
Adjustments for:
Taxation charged
624,545
579,760
Finance costs
79,843
8,088
Investment income
(1,045)
(14)
Gain on disposal of intangible assets
-
(4,253)
Depreciation and impairment of tangible fixed assets
93,482
22,705
Movements in working capital:
Decrease/(increase) in debtors
633,301
(2,345,956)
(Decrease)/increase in creditors
(714,990)
1,551,067
Cash generated from operations
3,396,587
2,008,736
21
Analysis of changes in net funds
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
1,634,830
1,464,987
3,099,817
Bank overdrafts
-
0
(75,373)
(75,373)
1,634,830
1,389,614
3,024,444
Lease liabilities
(333,420)
88,611
(244,809)
1,301,410
1,478,225
2,779,635
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