Company registration number 07183957 (England and Wales)
VENATUS MEDIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
VENATUS MEDIA LIMITED
COMPANY INFORMATION
Directors
P Foley
N Hugh
Company number
07183957
Registered office
First Floor
Watchmaker Court
31-35 St John's Lane
London
EC1M 4BJ
Auditor
BDO LLP
Bridgewater House
Counterslip
Bristol
BS1 6BX
VENATUS MEDIA LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
VENATUS MEDIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Directors present their annual report and the audited financial statements for the year ended 31 March 2025 for Venatus Media Limited (“the Company”).
The Strategic Report has been prepared to provide shareholders with essential information to assess the Company’s strategies and the potential for their success. This report contains forward-looking statements based on the Directors' good faith assumptions, informed by the data available up to the approval date of this report and the accompanying financial statements, which include both economic and business risk factors.
In preparing this Strategic Report, the Directors have complied with the Companies Act 2006.

Corporate Activity

During the year, the company appointed Nick Hugh as Chief Executive Officer, bringing a wealth of digital and media leadership experience. This formed part of a significant refresh of the C-Suite, with several new senior executives joining across technology, commercial, and operational leadership functions. These changes strengthen the group’s strategic capability and position us for our next stage of growth.

Principal Activities

The primary activity of the Company is the monetisation of online gaming and entertainment publisher content through advertising services facilitated by our proprietary technology. By leveraging both open market programmatic and direct sales channels, we secure high-quality, multi-format advertising on behalf of our publisher base.

Business Strategy

Venatus aims to be the leading advertising solution in gaming. We strive to achieve this by collaborating with exceptional talent, expanding our world-class platform, and being the ultimate partner for our clients. The business continued to execute against the strategic plan, with notable progress made during the year across the following areas:

- Grow and Support Our High-Quality Publisher Base
  The company expanded its publisher network while investing in operational functions to enable growth. We enhanced automation and analytics tools, scaling our sales, onboarding, account management, and operational support teams to maintain our position as a specialist provider in web, mobile web, in-app, and in-game advertising.

- Expand Our Direct Sales Capability
  We strengthened our direct sales team and associated support functions to improve market presence and conversion rates. This has helped diversify our revenue streams and deepen relationships with advertisers.

- Market-Leading Proprietary Technology
  A significant milestone was the launch of our new technology platform in December 2024. The platform provides enhanced performance, scalability, and efficiency, together with advanced data analytics that deliver deeper insights for publishers and advertisers. Early feedback has been highly positive, and we expect these innovations to underpin future growth.

- Our People
  Our people remain the foundation of our success. We invested further in talent during the year and continued to embed our values across the organisation. These values remain the driving force behind our culture and success:

- We’re all in – committed, determined, and ambitious in delivering growth.

- We’re open to all – inclusive, warm, and supportive of colleagues and clients.

- We’re self-starters – proactive, responsible, and empowered to make an impact.

- Always moving – adaptable, innovative, and continuously improving.

- Play as a team – supportive, collaborative, and straightforward in how we work t ogether.

VENATUS MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

In FY25, we continued to support wellbeing and inclusion with initiatives such as:

- Mental Health First Aid training for London-based staff.

- Vitality Health Insurance for all UK employees.

- A paid volunteer day for all employees to support charitable causes.

- Regular activity through our DEI committee and the ‘Women of Venatus’ group.

Environmental, Social, and Governance (ESG)

At Venatus, our commitment to responsible, sustainable, and ethical business practices remains a core tenet of our operations. As a UK-based media-tech company, we continue to adopt strategies to minimise our carbon footprint and to support employees in making more sustainable choices.
Key initiatives during the year included:
• Planting 10 trees for each new hire as part of our recruitment efforts.
• Offering greener commuting options through our Cyclescheme and electric car salary sacrifice scheme.
The Company remains exempt from Streamlined Energy and Carbon Reporting (SECR) requirements due to its low energy usage.

Section 172 Statement

The directors are committed to promoting the long-term success of the company by considering the interests of our stakeholders, in accordance with Section 172 of the Companies Act 2006. We recognise that our ability to deliver innovative ad-tech solutions and maintain a competitive edge relies on fostering strong relationships with our employees, clients, partners, suppliers, the communities we operate in, and our shareholders.

The board takes a long-term view in all strategic decisions, balancing the need for innovation with business sustainability. We carefully assess risks and opportunities in the ad-tech landscape, including emerging technologies, regulatory changes, and market dynamics, to ensure our decisions support the company’s growth and resilience.

The board takes a proactive approach to understanding the needs and concerns of our key stakeholders, ensuring their perspectives are integral to our decision-making process. The ways in which the board has engaged with key stakeholders is set out below.

Employees

Our employees are the driving force behind our innovation in the ad-tech space. We prioritise creating a work environment that encourages creativity, collaboration, and continuous learning. This year, we have expanded on our initiatives to enhance employee engagement, such as more frequent feedback through surveys and town hall meetings, and more events held by both the DEI committee as well as the ‘Women of Venatus’ group to promote diversity and inclusion, amongst others.

Clients

Our clients are central to our business, and we are dedicated to helping them achieve their marketing goals through cutting-edge technology. We engage closely with our clients to understand their evolving needs in a dynamic digital landscape. The board reviews client feedback and industry trends to inform our product development strategy, ensuring we deliver solutions that are not only effective but also compliant with data privacy regulations.

Partners and Suppliers

Our relationships with technology partners and suppliers are crucial to the delivery of our services. We strive to build strong, ethical partnerships based on mutual trust and transparency. We conduct regular reviews to ensure our suppliers meet the high standards required to support our technology infrastructure and that they align with our commitment to innovation and sustainability.

VENATUS MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Regulators and Industry Bodies

Operating in the ad-tech sector, we recognise the importance of complying with data privacy laws and industry standards. We actively engage with regulators and industry bodies to stay ahead of regulatory changes and to contribute to the development of best practices in digital advertising. Our board considers regulatory compliance and ethical data usage as key priorities in our strategic planning.

Community and Environment

As an ad-tech company, we are aware of our broader impact on society, particularly in terms of data usage and privacy. We are committed to promoting responsible advertising practices that respect consumer privacy and contribute positively to the digital ecosystem. Additionally, we have undertaken more initiatives to help the environment and our community, such as a tree planting programme, cycle to work scheme, electric car scheme, and a volunteer day offered to all employees, to name a few.

Financial Performance

For the year ended 31 March 2025, Venatus Media Limited achieved turnover of £43.36 million (2024: £48.70 million).
Macroeconomic pressures, including inflation and cautious advertiser behaviour, contributed to reduced spend on direct campaigns. While programmatic video advertising declined in line with wider market trends, programmatic display remained resilient.
Operating profit was £1.17 million (2024: £4.71 million), and profit after tax was £0.49 million (2024: £3.99 million). Despite challenging conditions, the Company remained profitable and strengthened its balance sheet, with net assets rising to £18.05 million (2024: £17.51 million).

Principal Risks

The Company faces several risks, including:
Macroeconomic Conditions
Economic uncertainty, inflationary pressures, and changes in consumer spending can reduce advertising budgets. The gaming industry, however, has historically shown resilience during downturns, helping to sustain demand. Diversification across programmatic and direct channels reduces exposure to any single revenue stream.
Technological Disruption
Reliance on proprietary and third-party technology creates exposure to outages or cyber threats. We mitigate this through investment in engineering, contingency planning, and enhanced cyber security controls, including monitoring and zero-trust technologies.
Foreign Exchange Risk
Although the Company operates from the UK, revenues and costs are influenced by USD and EUR exposures. We mitigate this through natural hedging, by aligning revenue and costs in the same currency where possible, and through formal hedging instruments such as forward contracts.

This report was approved by the Board of Directors on 14 November 2025 and signed on behalf of the Board by:

P Foley
Director
VENATUS MEDIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of a boutique online sales house engaged in the sale and technological advancement of advertising within ​the entertainment sector.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. 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, unless otherwise stated, were as follows:

M Cannon
(Resigned 31 October 2024)
R Gay
(Resigned 31 October 2024)
P Foley
(Appointed 1 July 2024)
N Hugh
(Appointed 31 October 2024)
Auditor

The auditor, BDO LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 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;

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

VENATUS MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the 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.

On behalf of the board
P Foley
Director
14 November 2025
VENATUS MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VENATUS MEDIA LIMITED
- 6 -
Opinion on the financial statements

In our opinion the financial statements:

- give a true and fair view of the state of the Company’s affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

We have audited the financial statements of Venatus Media Limited (“the Company”) for the year ended 31 March 2025 which comprise Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and notes to the financial statements, including a summary of 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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

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 FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. 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.

VENATUS MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VENATUS MEDIA LIMITED
- 7 -

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

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

- the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.

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 material misstatements in the Strategic report or the Directors’ report.

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

- adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors’ Responsibilities, 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.

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.

Extent to which the audit was 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:

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

Non-compliance with laws and regulations

Based on:

- Our understanding of the Company and the industry in which it operates;

- Discussion with management and those charged with governance; and

- Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations;

we considered the significant laws and regulations to be United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and the UK tax legislation.

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation, the Income Tax Act, the Corporation Tax Act, the Employment Right’s Act, the VAT Act, the Bribery Act and the Data Protection Act.

Our procedures in respect of the above included:

- Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;

- Review of financial statement disclosures and agreeing to supporting documentation;

- Review of legal expenditure accounts to understand the nature of expenditure incurred;

- Review of reporting to directors; and

- Enquiries with management.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Obtaining an understanding of the Company’s policies and procedures relating to:

  - Detecting and responding to the risks of fraud; and

  - Internal controls established to mitigate risks related to fraud.

- Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

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

- Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.

Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition and management override of controls.

Our procedures in respect of the above included:

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation. This included unexpected entries to revenue accounts. We also tested a sample of journals which did not meet any risk criteria; and

- Challenging the appropriateness of estimates and judgements made by management, in particular in connection with revenue recognition.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

VENATUS MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VENATUS MEDIA LIMITED
- 9 -

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 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.

James Eastell (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Bristol, UK
14 November 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
VENATUS MEDIA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
43,362,661
48,698,144
Cost of sales
(34,452,155)
(36,879,168)
Gross profit
8,910,506
11,818,976
Administrative expenses
(8,394,236)
(7,620,743)
Other operating income
660,724
512,149
Operating profit
4
1,176,994
4,710,382
Interest receivable and similar income
8
7,736
7,120
Interest payable and similar expenses
9
(23,890)
-
0
Profit before taxation
1,160,840
4,717,502
Tax on profit
10
(674,548)
(731,828)
Profit and total comprehensive income for the financial year
486,292
3,985,674

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

VENATUS MEDIA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
2,620,196
1,572,282
Tangible assets
13
40,554
35,138
Investments
14
189,665
189,665
2,850,415
1,797,085
Current assets
Debtors
16
27,746,045
26,652,513
Cash at bank and in hand
3,517,252
3,433,450
31,263,297
30,085,963
Creditors: amounts falling due within one year
17
(16,071,328)
(14,023,745)
Net current assets
15,191,969
16,062,218
Total assets less current liabilities
18,042,384
17,859,303
Provisions for liabilities
Deferred tax liability
18
45,051
348,262
(45,051)
(348,262)
Net assets
17,997,333
17,511,041
Capital and reserves
Called up share capital
20
623
623
Share premium account
190,256
190,256
Profit and loss reserves
21
17,806,454
17,320,162
Total equity
17,997,333
17,511,041
The financial statements were approved by the board of directors and authorised for issue on 14 November 2025 and are signed on its behalf by:
P Foley
Director
Company registration number 07183957 (England and Wales)
VENATUS MEDIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
623
190,256
13,334,488
13,525,367
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
3,985,674
3,985,674
Balance at 31 March 2024
623
190,256
17,320,162
17,511,041
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
486,292
486,292
Balance at 31 March 2025
623
190,256
17,806,454
17,997,333
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Venatus Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Watchmaker Court, 31-35 St John's Lane, London, EC1M 4BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary 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.

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

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Venatus Media Limited is a wholly owned subsidiary of Project Venus Topco Limited and the results of Venatus Media Limited are included in the consolidated financial statements of Project Venus Topco Limited which are available from First Floor, Watchmaker Court, 31-25 St John's Lane, London, EC 1M 4BJ.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the true company has adequate financial resources to continue in operational existence for the foreseeable future. As is normal, the company has modelled various future scenarios including appropriate downside trading scenarios and mitigating cost actions which would be taken to ensure the company remains within its banking covenants. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

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

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

Revenue from contracts for the provision of 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 it is probable will be recover ed.

1.4
Intangible fixed assets other than goodwill

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

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

Intangible assets comprise primarily internal costs incurred in developing technology assets for generating income within the business. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives. Intangible assets 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:

Licences
10% straight line
Technology development costs
25% straight line
1.5
Tangible fixed assets

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

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

Office equipment
25% straight line

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

1.6
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.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

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

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

1.7
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

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

1.9
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.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
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.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
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.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

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

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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 s asset are consumed.

1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the 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.

The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the company is acting as the principal or agent in the transaction. In determining whether the company acts as the principal or agent, the company follows the accounting guidance for principal-agent considerations. The company has the primary responsibility for providing the service to the customer by ensuring the advertisements run effectively and that the advertisements are suitable for the platform. The company also has latitude in establishing prices, and bears the medium term cash flow risk. As a result, the company acts as the principal in these arrangements and therefore reports revenue earned and costs incurred on a gross basis.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sales of services
43,362,661
48,698,144
2025
2024
£
£
Turnover analysed by geographical market
Europe
24,901,039
28,885,178
North America
17,927,012
17,966,124
Rest of World
534,610
1,846,842
43,362,661
48,698,144
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
463,855
120,914
Research and development costs
373,735
273,607
Depreciation of owned tangible fixed assets
26,218
52,232
Amortisation of intangible assets
175,324
-
Impairment of intangible assets
-
0
15,521
Operating lease charges
148,461
170,741
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,760
35,307
For other services
Taxation compliance services
37,659
24,539
All other non-audit services
7,278
20,625
44,937
45,164
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
6
Employees

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

2025
2024
Number
Number
Sales / marketing
11
12
Operations
17
18
Management / administration
21
21
Total
49
51

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,875,448
3,261,748
Social security costs
357,580
517,642
Pension costs
52,037
66,518
3,285,065
3,845,908
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
699,203
627,730

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
253,121
281,503
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,487
4,389
Interest receivable from group companies
249
2,731
Total income
7,736
7,120
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
23,890
-
0
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
350,482
503,694
Adjustments in respect of prior periods
627,277
(120,128)
Total current tax
977,759
383,566
Deferred tax
Origination and reversal of timing differences
8,557
330,295
Adjustment in respect of prior periods
(311,768)
17,967
Total deferred tax
(303,211)
348,262
Total tax charge
674,548
731,828

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
1,160,840
4,717,502
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
290,210
1,179,376
Tax effect of expenses that are not deductible in determining taxable profit
132,718
84,930
Group relief
(76,777)
(431,495)
Current tax under/(over) provided in prior years
627,277
(120,128)
Deferred tax under/(over) provided in prior years
(311,768)
17,967
Fixed asset differences
12,888
-
0
Other
-
0
1,178
Taxation charge for the year
674,548
731,828
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Intangible assets
12
-
0
15,521
Recognised in:
Administrative expenses
-
15,521
12
Intangible fixed assets
Licences
Technology development costs
Total
£
£
£
Cost
At 1 April 2024
15,521
1,572,282
1,587,803
Additions - internally developed
-
0
1,223,238
1,223,238
At 31 March 2025
15,521
2,795,520
2,811,041
Amortisation and impairment
At 1 April 2024
15,521
-
0
15,521
Amortisation charged for the year
-
0
175,324
175,324
At 31 March 2025
15,521
175,324
190,845
Carrying amount
At 31 March 2025
-
0
2,620,196
2,620,196
At 31 March 2024
-
0
1,572,282
1,572,282

More information on impairment movements in the year is given in note 11.

VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
13
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2024
150,377
Additions
31,634
At 31 March 2025
182,011
Depreciation and impairment
At 1 April 2024
115,239
Depreciation charged in the year
26,218
At 31 March 2025
141,457
Carrying amount
At 31 March 2025
40,554
At 31 March 2024
35,138
14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
189,665
189,665
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Venatus Media Inc
101 Avenue of the
Americas, 8th and 9th
Floors, New York,
10013, USA
Ordinary shares
100.00
Venatus Media Australia Pty Ltd
Suite 2, Level 4, 109
Pitt Street, Sydney
NSW 2000
Ordinary shares
100.00
Venatus Media Korea Co. Ltd
200, Itaewon-ro, Yongsan-gu, Seoul, 04405
Ordinary shares
100.00
Provoke London Limited
As parent
Ordinary shares
100.00
Venatus Media Philippines
Unit 803 8F Ecotower Building, 9th Avenue corner 32nd Street, BGC, Taguig City, Philippines 1214
Ordinary shares
100.00
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,463,083
9,009,042
Corporation tax recoverable
-
0
18,109
Amounts owed by group undertakings
18,380,763
16,459,647
Other debtors
1,463,668
689,339
Prepayments and accrued income
438,531
476,376
27,746,045
26,652,513
17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
6,201,035
6,672,404
Amounts owed to group undertakings
6,865,844
4,892,787
Corporation tax
657,159
-
0
Other taxation and social security
143,961
146,973
Other creditors
3,598
-
0
Accruals and deferred income
2,199,731
2,311,581
16,071,328
14,023,745
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
51,858
351,314
Other timing differences
(6,807)
(3,052)
45,051
348,262
2025
Movements in the year:
£
Liability at 1 April 2024
348,262
Credit to profit or loss
(303,211)
Liability at 31 March 2025
45,051
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,037
66,518

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
62,295
62,295
623
623
21
Profit and loss reserves

The profit and loss account represents the accumulated profits, losses and distributions of the company.

22
Financial commitments, guarantees and contingent liabilities

There is a fixed and floating charge over the assets of the company, pledged as security for a bank loan advanced to its imrmediate parent company, Project Venus Bidco Limited.

23
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
142,528
190,037
Years 2-5
-
0
142,528
142,528
332,565
VENATUS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management fees payable
2025
2024
£
£
Entities with control, joint control or significant influence over the company
1,186,767
612,550

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
6,865,844
4,892,787

The amounts outstanding are unsecured and are repayable on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
15,830,651
13,153,507
Entities over which the entity has control, joint control or significant influence
2,079,346
3,299,009
Other group companies
470,766
7,131

The amounts outstanding are unsecured and are repayable on demand.

25
Ultimate controlling party

The immediate parent undertaking of the company is Project Venus Bidco Limited, a company incorporated in England and Wales. Project Venus Topco Limited, a company registered in England and Wales, is the ultimate parent undertaking. The only group in which the results of the company are consolidated is that headed by Project Venus Topco Limited. The consolidated financial statements of Project Venus Topco Limited are available from Companies House.

2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.300 M Cannon R Gay P Foley N Hugh 2025-11-14 James Eastell 07183957 2024-04-01 2025-03-31 07183957 bus:Director3 2024-04-01 2025-03-31 07183957 bus:Director4 2024-04-01 2025-03-31 07183957 bus:Director1 2024-04-01 2025-03-31 07183957 bus:Director2 2024-04-01 2025-03-31 07183957 bus:RegisteredOffice 2024-04-01 2025-03-31 07183957 2025-03-31 07183957 2023-04-01 2024-03-31 07183957 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07183957 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 07183957 core:IntangibleAssetsOtherThanGoodwill 2025-03-31 07183957 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 07183957 core:PatentsTrademarksLicencesConcessionsSimilar 2025-03-31 07183957 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 07183957 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07183957 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 07183957 2024-03-31 07183957 core:ComputerEquipment 2025-03-31 07183957 core:ComputerEquipment 2024-03-31 07183957 core:WithinOneYear 2025-03-31 07183957 core:WithinOneYear 2024-03-31 07183957 core:CurrentFinancialInstruments 2025-03-31 07183957 core:CurrentFinancialInstruments 2024-03-31 07183957 core:ShareCapital 2025-03-31 07183957 core:ShareCapital 2024-03-31 07183957 core:SharePremium 2025-03-31 07183957 core:SharePremium 2024-03-31 07183957 core:RetainedEarningsAccumulatedLosses 2025-03-31 07183957 core:RetainedEarningsAccumulatedLosses 2024-03-31 07183957 core:ShareCapital 2023-03-31 07183957 core:SharePremium 2023-03-31 07183957 core:RetainedEarningsAccumulatedLosses 2023-03-31 07183957 core:ShareCapitalOrdinaryShareClass3 2025-03-31 07183957 core:ShareCapitalOrdinaryShareClass3 2024-03-31 07183957 core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 07183957 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 07183957 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 07183957 core:ComputerEquipment 2024-04-01 2025-03-31 07183957 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 07183957 1 2024-04-01 2025-03-31 07183957 1 2023-04-01 2024-03-31 07183957 core:UKTax 2024-04-01 2025-03-31 07183957 core:UKTax 2023-04-01 2024-03-31 07183957 2 2024-04-01 2025-03-31 07183957 2 2023-04-01 2024-03-31 07183957 3 2024-04-01 2025-03-31 07183957 3 2023-04-01 2024-03-31 07183957 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07183957 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 07183957 2024-03-31 07183957 core:PatentsTrademarksLicencesConcessionsSimilar core:InternallyGeneratedIntangibleAssets 2024-04-01 2025-03-31 07183957 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:InternallyGeneratedIntangibleAssets 2024-04-01 2025-03-31 07183957 core:InternallyGeneratedIntangibleAssets 2024-04-01 2025-03-31 07183957 core:ComputerEquipment 2024-03-31 07183957 core:Non-currentFinancialInstruments 2025-03-31 07183957 core:Non-currentFinancialInstruments 2024-03-31 07183957 core:Subsidiary1 2024-04-01 2025-03-31 07183957 core:Subsidiary2 2024-04-01 2025-03-31 07183957 core:Subsidiary3 2024-04-01 2025-03-31 07183957 core:Subsidiary4 2024-04-01 2025-03-31 07183957 core:Subsidiary5 2024-04-01 2025-03-31 07183957 core:Subsidiary1 1 2024-04-01 2025-03-31 07183957 core:Subsidiary2 2 2024-04-01 2025-03-31 07183957 core:Subsidiary3 3 2024-04-01 2025-03-31 07183957 core:Subsidiary4 4 2024-04-01 2025-03-31 07183957 core:Subsidiary5 5 2024-04-01 2025-03-31 07183957 bus:OrdinaryShareClass3 2024-04-01 2025-03-31 07183957 bus:OrdinaryShareClass3 2025-03-31 07183957 bus:OrdinaryShareClass3 2024-03-31 07183957 core:BetweenTwoFiveYears 2025-03-31 07183957 core:BetweenTwoFiveYears 2024-03-31 07183957 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07183957 bus:FRS102 2024-04-01 2025-03-31 07183957 bus:Audited 2024-04-01 2025-03-31 07183957 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP