Company registration number SC194613 (Scotland)
ADAM PURVES GALASHIELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ADAM PURVES GALASHIELS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 14
ADAM PURVES GALASHIELS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
4
87,900
92,700
Property, plant and equipment
5
1,666,744
990,174
Investment properties
6
850,000
774,820
Investments
7
67,529
65,368
2,672,173
1,923,062
Current assets
Inventories
889,302
985,939
Trade and other receivables falling due after more than one year
8
927,414
877,171
Trade and other receivables falling due within one year
8
309,088
320,048
Cash and cash equivalents
863,984
777,279
2,989,788
2,960,437
Current liabilities
9
(657,984)
(935,819)
Net current assets
2,331,804
2,024,618
Total assets less current liabilities
5,003,977
3,947,680
Non-current liabilities
10
(348,909)
(435,761)
Provisions for liabilities
(86,060)
(78,975)
Net assets
4,569,008
3,432,944
Equity
Called up share capital
408,143
408,143
Share premium account
127,451
127,451
Revaluation reserve
11
1,020,503
304,700
Capital redemption reserve
91,860
91,860
Retained earnings
12
2,921,051
2,500,790
Total equity
4,569,008
3,432,944
ADAM PURVES GALASHIELS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2022 and are signed on its behalf by:
Andrew A Purves
Director
Company Registration No. SC194613
ADAM PURVES GALASHIELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2020
408,143
127,451
304,700
91,860
2,273,806
3,205,960
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
-
238,984
238,984
Dividends
-
-
-
-
(12,000)
(12,000)
Balance at 31 March 2021
408,143
127,451
304,700
91,860
2,500,790
3,432,944
Year ended 31 March 2022:
Profit for the year
-
-
-
-
507,261
507,261
Other comprehensive income:
Revaluation of property, plant and equipment
-
-
715,803
-
-
715,803
Total comprehensive income for the year
-
-
715,803
-
507,261
1,223,064
Dividends
-
-
-
-
(87,000)
(87,000)
Balance at 31 March 2022
408,143
127,451
1,020,503
91,860
2,921,051
4,569,008
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information

Adam Purves Galashiels Limited is a private company limited by shares incorporated in Scotland. The registered office is Wilderhaugh, GALASHIELS, Scottish Borders, TD1 1PW.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

The directors are aware of the ongoing impact that Covid-19 is still having on certain areas of the business.

 

The directors are monitoring the situation and have concluded that this situation should not have a material impact on the business therefore the going concern of the company is currently not at risk.

1.3
Revenue

Revenue represents the sale of fuel, fuel commission at the Shell sites and forecourt shop sales; new and used vehicle sales; servicing, parts and repairs; car wash sales; other shop sales all net of value added tax and trade discounts.

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

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

Other income represents rentals received from properties owned by the company.

ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings Freehold
Straight line basis over 50 years
Plant and machinery
10% - 25% straight line
Motor vehicles
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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
Non-current investments

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.8
Impairment of non-current 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.

1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

1.11
Financial instruments

The 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 statement of financial position 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.

ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 7 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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.

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

 

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

 

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

1.12
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.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.

ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 8 -
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 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.

1.14
Employee benefits

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

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

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

 

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

ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
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.

3
Employees

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

2022
2021
Number
Number
Total
46
42
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
95,500
Amortisation and impairment
At 1 April 2021
2,800
Amortisation charged for the year
4,800
At 31 March 2022
7,600
Carrying amount
At 31 March 2022
87,900
At 31 March 2021
92,700
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2021
1,113,356
570,598
1,683,954
Additions
-
0
20,980
20,980
Disposals
-
0
(22,832)
(22,832)
Revaluation
506,500
-
0
506,500
At 31 March 2022
1,619,856
568,746
2,188,602
Depreciation and impairment
At 1 April 2021
198,076
495,704
693,780
Depreciation charged in the year
24,800
26,346
51,146
Eliminated in respect of disposals
-
0
(13,765)
(13,765)
Revaluation
(209,303)
-
0
(209,303)
At 31 March 2022
13,573
508,285
521,858
Carrying amount
At 31 March 2022
1,606,283
60,461
1,666,744
At 31 March 2021
915,280
74,894
990,174

Freehold land and buildings with a carrying amount of £1,606,283 (2021 - £915,280) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

During the year the freehold buildings were valued on an open market basis by DM Hall a firm of independent Chartered Surveyors.

 

If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.

2022
2021
£
£
Cost
915,115
915,115
Accumulated depreciation
(260,379)
(242,077)
Carrying value
654,736
673,038
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
6
Investment property
2022
£
Fair value
At 1 April 2021
774,820
Revaluations
75,180
At 31 March 2022
850,000

Investment property comprises of rental units at Wilderhaugh and Tweedbank in Galashiels. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by DM Hall Chartered Surveyors during the year who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties available to rent within the area.

7
Fixed asset investments
2022
2021
£
£
Other investments other than loans
67,529
65,368

 

Movements in non-current investments
Investments
£
Cost or valuation
At 1 April 2021
65,368
Additions
1,346
Valuation changes
815
At 31 March 2022
67,529
Carrying amount
At 31 March 2022
67,529
At 31 March 2021
65,368
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 12 -
8
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
147,931
203,621
Other receivables
161,157
116,427
309,088
320,048
2022
2021
Amounts falling due after more than one year:
£
£
Other receivables
927,414
877,171
Total debtors
1,236,502
1,197,219

The £927,414 (2021 - £877,171 ) is due from a company, Adam Purves Estates Limited, of which Andrew A Purves and Ian E Purves are directors. During the year the company charged interest on this loan amounting to £18,000.

9
Current liabilities
2022
2021
£
£
Bank loans
64,201
63,749
Trade payables
207,863
213,497
Taxation and social security
197,236
280,848
Other payables
188,684
377,725
657,984
935,819

The bank loans and overdraft are secured by standard securities and a bond and floating charge over the assets of the company.

 

The amounts relate to the current portion of the loans of £64,201 (2021 - £63,749).

10
Non-current liabilities
2022
2021
£
£
Bank loans and overdrafts
323,909
385,761
Other payables
25,000
50,000
348,909
435,761
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
10
Non-current liabilities
(Continued)
- 13 -

The amounts relate to the bank loans payable after 12 months of £323,909 (2021 - £385,761).

 

The bank loans are secured by standard securities and a bond and floating charge over the assets of the company.

 

The company has provided bank guarantees for Shell UK Oil Products Limited for £100,000 dated August 2007 which covers the fuel supplies for the company's own site at Wilderhaugh, Galashiels.

The amount included in "Other payables" relates to a long term loan from Andy Purves Limited. Andrew A Purves is also a director of this company. This loan is interest free and there is no fixed repayment dates.

11
Revaluation reserve
2022
2021
£
£
At the beginning of the year
304,700
304,700
Revaluation surplus arising in the year
715,803
-
0
At the end of the year
1,020,503
304,700

The revaluation increase during the year represents the increase in the value of the freehold buildings used by the company in their business operations.

12
Retained earnings
2022
2021
£
£
At the beginning of the year
2,500,790
2,273,806
Profit for the year
507,261
238,984
Dividends declared and paid in the year
(87,000)
(12,000)
At the end of the year
2,921,051
2,500,790
13
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for one property. The rental is based on the average turnover for the previous year and the current lease expires on 31 August 2023.

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

2022
2021
£
£
11,093
37,555
ADAM PURVES GALASHIELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
13
Operating lease commitments
(Continued)
- 14 -
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2022
2021
£
£
271,505
108,735
14
Directors' transactions

A loan has been granted by the company to a director as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Andrew A Purves - Directors Loan
2.50
-
79,321
1,189
(11,019)
69,491
-
79,321
1,189
(11,019)
69,491

The loan will be repaid in full within 9 months of the year end.

15
Related party transactions
Transactions with related parties

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

During the year the company provided services to Adam Purves Estates Limited amounting to £18,000 for the day to day management of the properties on a commercial basis.

 

Andrew A Purves and Ian E Purves are directors of both companies.

 

During the year Andy Purves Limited has provided professional services to the company amounting to £4,800. The balance outstanding at 31 March 2021 was £5,400. Andrew A Purves is a director of this company.

16
Parent company

The company is a subsidiary undertaking and is wholly owned by APGL Holdings Limited.

The ultimate controlling party is the director Andrew A Purves who is the controlling shareholder of APGL Holdings Ltd the parent company of Adam Purves Galashiels Limited.

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