Company registration number 05424597 (England and Wales)
Maru/EDR Limited
Annual Report And Financial Statements
For The Year Ended 31 December 2024
Maru/EDR Limited
Company Information
Directors
Mr J R Leveton
Mr F P Lanuto
Mr P McElligott
Ms S Roberts
Company number
05424597
Registered office
Jellicoe House
Grange Drive
Hedge End
Southampton
SO30 2AF
Auditor
Loucas
The Carriage House
Mill Street
Maidstone
Kent
ME15 6YE
Business address
Jellicoe House
Grange Drive
Hedge End
Southampton
SO30 2AF
Maru/EDR Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 27
Maru/EDR Limited
Strategic Report
For The Year Ended 31 December 2024
Page 1

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

Review of the business

Maru/EDR Limited ("the company") is a subsidiary of Maru Group Limited ("Maru Group" or "MGL"), which is in turn part of the Stagwell Group (NASDAQ: STGW). The company provides customer intelligence, information and insight services via its proprietary "Hub" technology platform in the UK market. The platform empowers our people to provide research, insight and advisory services to large enterprises and public sector bodies across a broad spectrum of industries and markets.

Following the acquisition of MGL by Stagwell Inc. in late 2022 both the group and Maru/edr Limited have been going through a period of transition. The Hub technology platform previously developed within the company and utilised across the group has begun to be replaced by other new Stagwell product offerings and, as a result, licensing revenues within Maru/edr Limited reduced during 2024 as the company instead focused on the core research part of the business. The value of intangible investment in the platform assets was therefore written down, resulting in an exceptional charge of £1,679, 898 in the year.

Principal risks and uncertainties

The directors consider proper risk management to be crucial to the company’s future success and give a high priority to ensuring that adequate systems and structures are in place to measure, analyse and limit exposure to risk. The directors have established key procedures to ensure that internal controls are effective and are commensurate with a company of this size.

The company also has some risk regarding the loss, corruption or compromise of personal data, which may relate to clients, their customers, employees or other third parties. These risks are mitigated by compliance with GDPR standards, regular staff training, security software and dedicated resource within the wider group.

The risk of cyber attack on the company's systems by criminals poses a further risk of disruption. Alongside robust detection systems and physical security measures the company performs regular penetration testing and staff awareness training to minimise these risks.

Key performance indicators

In the light of market conditions, the key performance indicators used by the company are revenue, gross profit margin and revenue per employee.

2024
2023
Revenue
6,089,616
7,706,739
Gross profit margin
86.40%
65.60%
Revenue per employee (annualised)
110,720
132,875
S172(1) statement and stakeholder engagement

The Directors have acted in a way that they consider, in good faith, to be most likely to promote the long-term success of the company for the benefit of the shareholders as a whole, while having regard for all stakeholders. Stakeholder engagement is managed in accordance with group policies and procedures.

On behalf of the board

Mr F P Lanuto
Director
31 March 2026
Maru/EDR Limited
Directors' Report
For The Year Ended 31 December 2024
Page 2

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

Principal activities

The principal activity of the company continued to be that of providing customer intelligence, information and insight services via their proprietary 'Hub' technology platform.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference 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 were as follows:

Mr J R Leveton
Mr F P Lanuto
Mr P McElligott
Ms S Roberts
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 F P Lanuto
Director
31 March 2026
Maru/EDR Limited
Directors' Responsibilities Statement
For The Year Ended 31 December 2024
Page 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;

- 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.

Maru/EDR Limited
Independent Auditor's Report
To The Members Of Maru/EDR Limited
Page 4
Opinion

We have audited the financial statements of Maru/EDR Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the s trategic r eport and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have Else directors' report has Endif}been prepared in accordance with applicable legal requirements.

Maru/EDR Limited
Independent Auditor's Report
To The Members Of Maru/EDR Limited (Continued)
Page 5
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management's own consideration of fraud. In particular we assessed whether judgements made in making accounting estimates are indicative of potential bias, and evaluated the business rationale of significant transactions outside the normal course of business. We also addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments. We also considered potential financial or other pressures, opportunities and motivations for fraud. As part of discussions with management we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes.

We obtained an understanding of the legal and regulatory environment applicable to the company and established the most relevant laws and regulations are FRS 10 1 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice), Companies Act 2006, direct and indirect taxation legislation in the United Kingdom, and operational laws and regulations including health and safety, employment law, anti-money laundering, anti-bribery and corruption, and GDPR rules.

We considered the extent of compliance with these laws and regulations as part of our procedures on the related financial statement lines. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence, for example, review and inspection of legal invoices and correspondence with the relevant authorities and the entity's solicitors.

Maru/EDR Limited
Independent Auditor's Report
To The Members Of Maru/EDR Limited (Continued)
Page 6

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, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed as non-compliance with laws and regulations may not necessarily be reflected in transactions reported in the financial statements, and therefore we may be less likely to become aware of it. Management and those charged with governance of the entity have the primary responsibility for the prevention and detection of fraud.

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.

Mr Athos Louca FCCA (Senior Statutory Auditor)
For and on behalf of Loucas, Statutory Auditor
Chartered Certified Accountants
The Carriage House
Mill Street
Maidstone
Kent
ME15 6YE
31 March 2026
Maru/EDR Limited
Statement Of Comprehensive Income
For The Year Ended 31 December 2024
Page 7
2024
2023
Notes
£
£
Revenue
3
6,089,616
7,706,739
Cost of sales
(827,755)
(2,647,908)
Gross profit
5,261,861
5,058,831
Administrative expenses
(7,841,461)
(6,482,331)
Other operating income
239,217
-
0
Exceptional items
4
(1,679,898)
-
0
Operating loss
5
(4,020,281)
(1,423,500)
Investment income
7
3
-
0
Finance costs
8
(13,556)
-
0
Other gains and losses
9
-
0
(8)
Loss before taxation
(4,033,834)
(1,423,508)
Tax on loss
10
-
0
181,481
Loss and total comprehensive income for the financial year
23
(4,033,834)
(1,242,027)
Maru/EDR Limited
Statement Of Financial Position
As At 31 December 2024
Page 8
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
11
2,606,389
4,460,752
Property, plant and equipment
12
321,666
325,321
2,928,055
4,786,073
Current assets
Trade and other receivables
14
10,568,696
11,561,994
Cash and cash equivalents
36,890
2,772
10,605,586
11,564,766
Current liabilities
15
(19,445,913)
(16,744,615)
Net current liabilities
(8,840,327)
(5,179,849)
Total assets less current liabilities
(5,912,272)
(393,776)
Non-current liabilities
15
-
0
(1,517,390)
Provisions for liabilities
Other provisions
18
(238,825)
(226,073)
Net liabilities
(6,151,097)
(2,137,239)
Equity
Called up share capital
20
53,267
53,267
Share premium account
21
196,172
196,172
Share based payment reserve
22
19,976
-
Retained earnings
23
(6,420,512)
(2,386,678)
Total equity
(6,151,097)
(2,137,239)

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 31 March 2026 and are signed on its behalf by:
Mr F P Lanuto
Director
Company registration number 05424597 (England and Wales)
Maru/EDR Limited
Statement Of Changes In Equity
For The Year Ended 31 December 2024
Page 9
Share capital
Share premium account
Share based payment reserve
Retained earnings
Total
£
£
£
£
£
Balance at 1 January 2023
53,267
196,172
-
(1,144,651)
(895,212)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(1,242,027)
(1,242,027)
Balance at 31 December 2023
53,267
196,172
-
(2,386,678)
(2,137,239)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(4,033,834)
(4,033,834)
Transactions with owners:
Transfer to other reserves
-
-
19,976
-
0
19,976
Balance at 31 December 2024
53,267
196,172
19,976
(6,420,512)
(6,151,097)
Maru/EDR Limited
Notes To The Financial Statements
For The Year Ended 31 December 2024
Page 10
1
Accounting policies
Company information

Maru/EDR Limited ("the company") is a private company limited by shares and incorporated and domiciled in the United Kingdom. The address of its registered office is The Hub, Berrywood Business Village, Tollbar Way, Hedge end, SO30 2UN. The registered number of the company is 05424597.

The principal activity of the company is using proprietary technology to provide Voice of the Customer Solutions using marketing insight and intelligence to enable and empower our clients to make informed business decisions.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

- comparative narrative information;

- related party disclosures for transactions with the parent or wholly owned members of the group.

The company has taken advantage of the exemption under section 401 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.

The company is a wholly owned subsidiary of Maru Group limited which in turn is a wholly owned subsidiary of Stagwell UK Limited (formerly MDC Partners UK Limited). The results of the company are included in the consolidated financial statements of Stagwell Inc the parent entity of Stagwell UK Limited. the financial statements of Stagwell Inc are available from One World Trade Centre, 65th Floor, New York, NY 10007, USA.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.2
Going concern

The company reported a loss after tax of £true 4,033,834 and had net liabilities of £6,151,097. The wider Maru Group is owned by Stagwell UK limited, a wholly owned subsidiary of Stagwell Inc a company incorporated in the United States of America and listed on the NASDAQ Stock Exchange.

The company relies on its own working capital and the financial support of the ultimate parent company. In conducting their going concern assessment, the directors have prepared cash forecasts which take account of current and expected market conditions and the wider macro economy. The directors have modelled scenarios and sensitivities and have made inquiries the directors have received confirmations in writing of the financial support of its ultimate parent undertaking, Stagwell Inc, the next twelve months from the date of signing these financial statements.

On this basis, the directors are of the opinion that the going concern concept is an appropriate basis on which to prepare the company's financial statements.

1.3
Revenue

Revenue is recognised in accordance with IFRS 15, 'Revenue from contracts with customers'. Revenue is measured by reference to the fair value of consideration received or receivable by the company for services provided, excluding Value Added Tax and trade discounts. Under IFRS 15 an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for good and services. T his principle is represented in a five-step model:

1. Identify the contract(s) with a customer.

2. Identify the performance obligation(s) in the contract.

3. Determine the transaction price.

4. Allocate the transaction price to the performance obligations in the contract.

5. Recognise revenue when (or as) the entity satisfies a performance obligation.

Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue is recognised based on the actual service provided to the end of the reporting period. Where the contracts include multiple performance obligations, the transaction price will be allocated to each performance obligation based on the stand-alone price for each element of performance obligation.

The company recognises revenue when the amount of revenue can be reliably measured; when it is probable that the future economic benefits will flow to the company and when specific criteria have been met as described below. Where work is invoiced in advance this recognised at the statement of financial position date as contract liabilities. when work is invoiced in arrears this recognised at the statement of financial position date as contract assets. All clients have standard payment terms agreed in advance.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 12

(1) Software services/licencing

The company charges clients a fee for access to proprietary software to be accessed on a self-serve or full serve basis. This software is used to host insight communities and to run research on behalf of clients. The charge for software subscription is recognised over the time period of the subscription licence.

(2) Research on d emand

The company sells responses to surveys using known Panel respondents. This service will either be standalone or will be combined with data analysis and reporting. The revenue from this research on demand services is recognised on a % completion basis as milestones are achieved over time.

(3) Advisory services

Advisory services represent the time incurred by professionals analyses and interpret data and to provide feedback of the analysis to clients. The revenue for advisory services is recognised on a % completion basis which is dependent on reaching milestones over time of the duration of the respective project.

1.4
Intangible assets other than goodwill

Software

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets where the following criteria are met:

- it is technically feasible to complete the software product so that it will be available for use;

- management intends to complete the software product and use or sell it;

- there is an ability to use or sell the software product;

- it can be demonstrated how the software product will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and

- the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Computer software development costs recognised as assets are amortised, once fully developed and available to market, over their estimated useful lives being up to five years.

Intangible assets amortisation is recorded in administrative expenses in the statement of comprehensive income.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 13
1.5
Property, plant and equipment

Property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes the original purchase price and, if applicable, costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is calculated so as to write-off the cost of property, plant and equipment, less their estimated residual value, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual rates use for this purpose are:

Right of use assets
Over the lease term
Leasehold improvements
Shorter of the lease term or the economic life of the asset
Fixtures and fittings
20% on cost
Computers
33% on cost
Motor vehicles
33% on cost

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

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Assets are written down immediately to recoverable amount if the estimated net recoverable amount is lower than the current carrying value.

Repairs, maintenance and minor inspections costs are expensed as incurred.

Property, plant and equipment are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposals proceeds and the carrying amount is recognised in the statement of financial position.

1.6
Impairment of tangible and intangible assets

At each reporting 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

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.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 14
1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 15
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 income statement 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.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 16
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

1.12
Provisions

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

The company operates a defined contribution pension scheme for the benefit of employees. The company makes fixed contributions to the scheme which is administered on behalf of the employees by an independent separate entity. There are no further further obligations or liabilities of the company once the contributions are paid. Contributions payable are recognised as an expense when they fall due for payment. Amounts not paid over at the statement of financial position date are shown within trade and other payables in the statement of financial position. The assets of the scheme are held and administered separately from those of the company.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.15
Share-based payments

The company is part of a group-wide share option scheme operated by Stagwell Inc, where employees are granted shares in the parent company.

In accordance with IFRS 2, t he cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.

The increase in equity is included in a separate Share Based Payment Reserve.

1.16
Leases
As lessee

The company has adopted IFRS 16 Leases from 1 January 2019. The company leases its office from where it operates.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, or for leases of low-value assets (under £5,000). The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
1.17
Foreign exchange

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

1.18

Trade and other receivables

Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets, if not, they are presented as non-current assets.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective rate of interest method, less provision for impairment.

The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. the contract asset relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. the company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

1.19

Trade and other payables

Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

1.20

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary share or options are shown in equity as a deduction, net of tax, from the proceeds.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Critical judgements
Restoration provision

Provisions have been made in respect of future dilapidations and restorations costs. these have required management's best estimate of costs that be will incurred based on contractual requirements.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
2
Critical accounting estimates and judgements
(Continued)
Page 19
Software capitalisation

Development costs that are directly attributable to the design and testing of identifiable and unique software products or applications controlled by the company are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and external third parties assisting with software development. Time sheet data is maintained to support the time spent on development work and associated costs ae capitalised on this basis, The time sheet data is reviewed to ensure time incurred and therefore capitalised complies with capitalisation policy.

An annual impairment review of the carrying value of the respective asset is undertaken once the asset has been completed and is available for sale.

Lease accounting

The lease payments are discounted using the company's incremental borrowing rate, being the rate that the company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the company:

- Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;

- Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the company, which does not involve third party financing; and

- Makes adjustments specific to the lease, e.g. term, currency, and security,

The company uses an incremental borrowing rate in 2024 of 7.32% (2023: 5.5%).

Intra group receivables

The recoverability of intra group receivables requires judgement regarding whether the balances will be settled. Where there is a risk that a receivable will not be recovered in full an impairment is made against that balance.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Voice of customers programmes
6,089,616
7,706,739
2024
2023
£
£
Revenue analysed by geographical market
Voice of customer programmes
6,089,616
7,706,739

The total revenue of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 20
4
Exceptional items
2024
2023
£
£
Expenditure
Write down in value of investments
1,679,898
-

The carrying value of investments was reviewed as part of the acquisition of the business by Stagwell Inc and write down of intangible assets was identified resulting in a charge to the income statement of £1,679,898.

T he expense item is n on-recurring in nature and have been identified as exceptional costs in the financial statements.

5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(98,755)
107,254
Fees payable to the company's auditor for the audit of the company's financial statements
36,000
36,000
Depreciation of property, plant and equipment
337,403
181,396
Profit on disposal of property, plant and equipment
(8)
-
Amortisation of intangible assets (included within administrative expenses)
1,591,950
1,373,935
Share-based payments
19,976
-
6
Employees

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

2024
2023
Number
Number
55
58

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,983,189
2,624,216
Social security costs
336,742
336,647
Pension costs
114,526
103,901
3,434,457
3,064,764
7
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
3
-
0
Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 21
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
13,556
-
0
9
Other gains and losses
2024
2023
£
£
Other gains and losses
-
(8)
10
Taxation
2024
2023
£
£
Deferred tax
Adjustment in respect of prior periods
-
0
(181,481)

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
Loss before taxation
(4,033,834)
(1,423,508)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 23.50%)
(1,008,459)
(334,524)
Effect of expenses not deductible in determining taxable profit
1,275
24
Unutilised tax losses carried forward
975,202
(219,034)
Research and development tax credit
-
0
(181,481)
Temporary differences in respect of fixed assets
31,982
(82,921)
Movement in unrecognised deferred tax
-
636,455
Taxation charge/(credit) for the year
-
(181,481)
Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 22
11
Intangible fixed assets
Software
£
Cost
At 31 December 2023
10,125,109
Additions
1,417,485
Disposals
(8,312,610)
At 31 December 2024
3,229,984
Amortisation and impairment
At 31 December 2023
5,664,357
Charge for the year
1,591,950
Eliminated on disposals
(6,632,712)
At 31 December 2024
623,595
Carrying amount
At 31 December 2024
2,606,389
At 31 December 2023
4,460,752
Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 23
12
Property, plant and equipment
Right of use assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,703,861
505,784
64,673
410,086
17,352
2,701,756
Additions
-
0
-
0
-
0
12,344
-
0
12,344
Disposals
-
0
-
0
(5,343)
(107,895)
-
0
(113,238)
Lease modification
321,198
-
0
-
0
-
0
-
0
321,198
At 31 December 2024
2,025,059
505,784
59,330
314,535
17,352
2,922,060
Accumulated depreciation and impairment
At 1 January 2024
1,390,189
505,784
64,550
398,560
17,352
2,376,435
Charge for the year
327,231
-
0
329
9,843
-
0
337,403
Eliminated on disposal
-
0
-
0
(5,549)
(107,895)
-
0
(113,444)
At 31 December 2024
1,717,420
505,784
59,330
300,508
17,352
2,600,394
Carrying amount
At 31 December 2024
307,639
-
0
-
0
14,027
-
0
321,666
At 31 December 2023
313,672
-
0
123
11,526
-
0
325,321

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
307,639
313,672
The carrying value of land and buildings comprises:
2024
2023
£
£
Long leasehold
307,639
313,672
13
Contracts with customers
2024
2023
2023
Period end
Period end
Period start
Balances relating to contracts in progress
£
£
£
Other contract assets
870,847
203,257
644,811
Contract liabilities
(1,264,664)
(1,737,130)
(1,479,490)
Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 24
14
Trade and other receivables
2024
2023
£
£
Trade receivables
1,357,551
1,840,853
Provision for bad and doubtful debts
(2,640)
(2,640)
1,354,911
1,838,213
Contract assets (note 13)
870,847
203,257
Corporation tax recoverable
-
181,481
Amounts owed by fellow group undertakings
8,239,968
8,910,705
Other receivables
-
144,841
Prepayments and accrued income
102,970
283,497
10,568,696
11,561,994
15
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
16
19,147,730
16,088,302
-
0
892,945
Taxation and social security
14,787
526,751
-
-
Lease liabilities
17
283,396
129,562
-
0
624,445
19,445,913
16,744,615
-
1,517,390
16
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
335,582
445,736
-
0
-
0
Contract liabilities (note 13)
1,264,664
1,737,130
-
-
Amounts owed to fellow group undertakings
16,760,762
12,953,805
-
892,945
Accruals and deferred income
766,004
815,844
-
0
-
0
Other payables
20,718
135,787
-
-
19,147,730
16,088,302
-
892,945
Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 25
17
Lease liabilities
2024
2023
Maturity analysis of lease payments
£
£
Within one year
283,396
129,562
In two to five years
-
624,445
Total undiscounted liabilities
283,396
754,007

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
283,396
129,562
Non-current liabilities
-
0
624,445
283,396
754,007
18
Provisions for liabilities
2024
2023
£
£
Restoration provision
238,825
226,073
Movements on provisions:
Restoration provision
£
At 1 January 2024
226,073
Other movements
12,752
At 31 December 2024
238,825

Provision for restoration

Provision has been made for an expected future liability in relation to dilapidations arising on expiry of the lease term.

Provision is expected to be settled within 1 year based on the lease expiry date.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 26
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,526
103,901

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
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
5,326,700
5,326,700
53,267
53,267
21
Share premium account
2024
2023
£
£
At the beginning and end of the year
196,172
196,172
22
Share based payment reserve
2024
2023
£
£
At the beginning of the year
-
-
Additions
19,976
-
At the end of the year
19,976
-

The Share based payment reserve represents the cumulative charge for share-based payments made to employees of the Company, where the share options relate to shares in the parent company, Stagwell Inc. The share options have been granted as part of a group-wide share-based payment scheme in accordance with the requirements of IFRS 2.

The reserve comprises the cumulative value of share options that have been granted, adjusted for any options that have lapsed. The charge to the Profit and Loss for share options is based on the fair value of the options at the grant date, and is recognised over the vesting period of the options. Although the options are over shares in the parent company, the charge is recognised in the financial statements of the Company as the employees provide services to the Company.

If any options lapse or expire without being exercised, the related amount in the Share based payment reserve is transferred to retained earnings.

Maru/EDR Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 27
23
Retained earnings
2024
2023
£
£
At the beginning of the year
(2,386,678)
(1,144,651)
Loss for the year
(4,033,834)
(1,242,027)
At the end of the year
(6,420,512)
(2,386,678)
24
Controlling party

The immediate parent company is Maru Group Limited a company registered in England and Wales with its registered office at 2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS with company number 09885059.

The ultimate parent company is Stagwell Inc, a company incorporated in the United States of America with its registered office at One World Trade Centre, 65th Floor, New York, NY 100007, USA.

2024-12-31 2024-01-01 Mr J R Leveton Mr F P Lanuto Mr P McElligott Ms S Roberts false false CCH Software iXBRL Review & Tag 2025.2 05424597 2024-01-01 2024-12-31 05424597 bus:Director1 2024-01-01 2024-12-31 05424597 bus:Director2 2024-01-01 2024-12-31 05424597 bus:Director3 2024-01-01 2024-12-31 05424597 bus:Director4 2024-01-01 2024-12-31 05424597 bus:RegisteredOffice 2024-01-01 2024-12-31 05424597 2024-12-31 05424597 2023-01-01 2023-12-31 05424597 1 2024-01-01 2024-12-31 05424597 1 2023-01-01 2023-12-31 05424597 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05424597 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05424597 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 05424597 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 05424597 core:ComputerSoftware 2024-12-31 05424597 core:ComputerSoftware 2023-12-31 05424597 2023-12-31 05424597 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 05424597 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-12-31 05424597 core:FurnitureFittings 2024-12-31 05424597 core:ComputerEquipment 2024-12-31 05424597 core:MotorVehicles 2024-12-31 05424597 core:ContinuingOperations 2024-12-31 05424597 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 05424597 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2023-12-31 05424597 core:FurnitureFittings 2023-12-31 05424597 core:ComputerEquipment 2023-12-31 05424597 core:MotorVehicles 2023-12-31 05424597 core:BetweenOneFiveYears 2023-12-31 05424597 core:CurrentFinancialInstruments 2024-12-31 05424597 core:CurrentFinancialInstruments 2023-12-31 05424597 core:Non-currentFinancialInstruments 2024-12-31 05424597 core:Non-currentFinancialInstruments 2023-12-31 05424597 core:ShareCapital 2024-12-31 05424597 core:ShareCapital 2023-12-31 05424597 core:SharePremium 2024-12-31 05424597 core:SharePremium 2023-12-31 05424597 core:RetainedEarningsAccumulatedLosses 2024-12-31 05424597 core:RetainedEarningsAccumulatedLosses 2023-12-31 05424597 core:ComputerSoftware 2024-01-01 2024-12-31 05424597 core:ComputerSoftware 2023-12-31 05424597 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 05424597 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2023-12-31 05424597 core:FurnitureFittings 2023-12-31 05424597 core:ComputerEquipment 2023-12-31 05424597 core:MotorVehicles 2023-12-31 05424597 2023-12-31 05424597 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 05424597 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 05424597 core:FurnitureFittings 2024-01-01 2024-12-31 05424597 core:ComputerEquipment 2024-01-01 2024-12-31 05424597 core:MotorVehicles 2024-01-01 2024-12-31 05424597 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 05424597 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05424597 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05424597 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05424597 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 05424597 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05424597 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05424597 bus:FRS101 2024-01-01 2024-12-31 05424597 bus:Audited 2024-01-01 2024-12-31 05424597 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP