Company registration number 11838116 (England and Wales)
X-CEL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
X-CEL HOLDINGS LIMITED
COMPANY INFORMATION
Director
A Taylor
Company number
11838116
Registered office
X-Cel Superturn (GB) Ltd
Brindley Way
Catcliffe
Rotherham
S60 5FS
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
X-CEL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
X-CEL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The director presents the strategic report for the year ended 31 March 2023.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and our position at the year end. Our review is consistent with the size of our business and is written in the context of the risks and uncertainties that we face.

 

Our major customers, the suppliers of oil & gas drilling & processing equipment, are all recovering from the reduced demand caused by the pandemic and are approaching pre-pandemic levels of demand.

 

The X-Cel Group had a very successful year, turnover up to £26.4M (£18.6M in 2022) and pre-tax profits up to £5.2M (£208k in 2022).

 

A healthy balance sheet has been retained.

 

Like many companies we face challenges in our supply chain and in recruiting skilled staff but we have the resources and determination to overcome these problems and both seem to be easing as we progress through the year.

 

The start to the new financial has been very encouraging, in the first 4 months we achieved sales of £10.2M and pre-tax profits of £1.37M, our order book also stands at a record high of £26M.

 

We continue to enjoy very good relationships with our key customers and these also seem to be improving year by year and we are finding new customers in the off-shore wind industry and in defence industries.

 

We are continuing to re-vamp the facilities at Vector X-Cel to concentrate production on the complex subs, this is a major contract for a blue chip oilfield company. These should be in full production by the end of November 2023 and should return Vector X-Cel to profitability.

 

The Directors believe the year will be very successful and rewarding.

 

On behalf of the board

A Taylor
Director
18 September 2023
X-CEL HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the group is that of the manufacture of precision engineering components.

Results and dividends

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

Ordinary dividends were paid amounting to £2,388,960. The director does not recommend payment of a further dividend.

Director

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

A Taylor
Auditor

BHP LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

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

X-CEL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
A Taylor
Director
18 September 2023
X-CEL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF X-CEL HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of X-Cel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

Our responsibilities and the responsibilities of the director 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 director is 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:

X-CEL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF X-CEL HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

X-CEL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF X-CEL HOLDINGS LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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.

Daniel Varley (Senior Statutory Auditor)
For and on behalf of BHP LLP
18 September 2023
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
X-CEL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
26,409,084
18,644,249
Cost of sales
(19,515,767)
(14,008,408)
Gross profit
6,893,317
4,635,841
Administrative expenses
(4,655,603)
(4,177,594)
Other operating income
104,232
172,175
Exceptional item
4
3,453,636
-
0
Operating profit
5
5,795,582
630,422
Interest receivable and similar income
9
121
-
0
Interest payable and similar expenses
10
(571,247)
(422,882)
Profit before taxation
5,224,456
207,540
Tax on profit
11
(579,852)
(272,622)
Profit/(loss) for the financial year
4,644,604
(65,082)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
4,667,875
(61,606)
- Non-controlling interests
(23,271)
(3,476)
4,644,604
(65,082)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
4,667,875
(61,606)
- Non-controlling interests
(23,271)
(3,476)
4,644,604
(65,082)
X-CEL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
16,937,150
21,739,427
Current assets
Stocks
16
9,564,380
3,881,766
Debtors
17
12,194,418
7,819,856
Cash at bank and in hand
2,235,952
78,881
23,994,750
11,780,503
Creditors: amounts falling due within one year
18
(19,265,191)
(9,676,584)
Net current assets
4,729,559
2,103,919
Total assets less current liabilities
21,666,709
23,843,346
Creditors: amounts falling due after more than one year
19
(6,325,290)
(10,970,571)
Provisions for liabilities
Deferred tax liability
22
1,763,000
1,550,000
(1,763,000)
(1,550,000)
Net assets
13,578,419
11,322,775
Capital and reserves
Called up share capital
24
7,865,200
7,865,200
Share premium account
25,200
25,200
Capital redemption reserve
156,800
156,800
Other reserves
1,413,746
1,413,746
Profit and loss reserves
4,138,357
1,859,442
Equity attributable to owners of the parent company
13,599,303
11,320,388
Non-controlling interests
(20,884)
2,387
13,578,419
11,322,775
The financial statements were approved and signed by the director and authorised for issue on 18 September 2023
18 September 2023
A Taylor
Director
X-CEL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
8,008,000
8,008,000
Current assets
Debtors
17
42,530
42,530
Net current assets
42,530
42,530
Net assets
8,050,530
8,050,530
Capital and reserves
Called up share capital
24
7,865,200
7,865,200
Share premium account
25,200
25,200
Capital redemption reserve
156,800
156,800
Profit and loss reserves
3,330
3,330
Total equity
8,050,530
8,050,530

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,388,960 (2022 - £1,194,480 profit).

The financial statements were approved and signed by the director and authorised for issue on 18 September 2023
18 September 2023
A Taylor
Director
Company Registration No. 11838116
X-CEL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 April 2021
7,865,200
25,200
156,800
1,413,746
3,108,891
12,569,837
-
12,569,837
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
-
-
(61,606)
(61,606)
(3,476)
(65,082)
Dividends
12
-
-
-
-
(1,194,480)
(1,194,480)
-
(1,194,480)
Partial sale of shares in subsidiary
-
-
-
-
6,637
6,637
5,863
12,500
Balance at 31 March 2022
7,865,200
25,200
156,800
1,413,746
1,859,442
11,320,388
2,387
11,322,775
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
-
4,667,875
4,667,875
(23,271)
4,644,604
Dividends
12
-
-
-
-
(2,388,960)
(2,388,960)
-
(2,388,960)
Balance at 31 March 2023
7,865,200
25,200
156,800
1,413,746
4,138,357
13,599,303
(20,884)
13,578,419
X-CEL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
7,865,200
25,200
156,800
3,330
8,050,530
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
1,194,480
1,194,480
Dividends
12
-
-
-
(1,194,480)
(1,194,480)
Balance at 31 March 2022
7,865,200
25,200
156,800
3,330
8,050,530
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
2,388,960
2,388,960
Dividends
12
-
-
-
(2,388,960)
(2,388,960)
Balance at 31 March 2023
7,865,200
25,200
156,800
3,330
8,050,530
X-CEL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,731,508
1,880,490
Interest paid
(571,247)
(417,211)
Income taxes paid
(316,261)
(465,118)
Net cash inflow from operating activities
2,844,000
998,161
Investing activities
Proceeds from disposal of intangibles
-
12,500
Purchase of tangible fixed assets
(4,283,321)
(3,504,768)
Proceeds from disposal of tangible fixed assets
11,061,838
1,822,770
Proceeds from disposal of subsidiaries, net of cash disposed
-
(14,530)
Interest received
121
-
0
Net cash generated from/(used in) investing activities
6,778,638
(1,684,028)
Financing activities
Repayment of borrowings
-
2,047,814
Repayment of bank loans
(4,826,141)
(639,184)
Payment of finance leases obligations
(250,466)
41,613
Dividends paid to equity shareholders
(2,388,960)
(1,194,480)
Net cash (used in)/generated from financing activities
(7,465,567)
255,763
Net increase/(decrease) in cash and cash equivalents
2,157,071
(430,104)
Cash and cash equivalents at beginning of year
78,881
508,985
Cash and cash equivalents at end of year
2,235,952
78,881
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

X-Cel Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is X-Cel Superturn (GB) Ltd, Brindley Way, Catcliffe, Rotherham, S60 5FS.

 

The group consists of X-Cel Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of X-Cel Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern

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

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods 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.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
2% Reducing balance
Plant and equipment
15% - 33.33% Reducing balance
Fixtures and fittings
15% - 33.33% Reducing balance
Motor vehicles
25% Reducing balance

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

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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
Stocks

Stocks 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 stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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.

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

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 fixed assets.

 

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

 

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

1.15
Retirement benefits

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

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Leases

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

 

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

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 leased 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

Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.

1.18
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates may differ from the related actual results.

 

There are no key judgements, estimates or assumptions that have been made by the directors in the preparation of these financial statements.

Key sources of estimation uncertainty

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

Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment and accounting policy note for useful economic lives for each class of assets.

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Manufacture of precision engineering components
26,409,084
18,644,249
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,823,175
7,494,112
Europe
926,725
578,411
Americas
14,161,163
8,739,079
Asia Pacific
1,914,596
1,602,036
Middle East/Africa
583,425
230,611
26,409,084
18,644,249
4
Exceptional item
2023
2022
£
£
Profit on disposal of tangible fixed asset
(3,453,636)
-
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
72,189
(33,674)
Government grants
-
(21,984)
Depreciation of owned tangible fixed assets
1,125,982
1,006,732
Depreciation of tangible fixed assets held under finance leases
351,415
523,148
(Profit)/loss on disposal of tangible fixed assets
(3,453,636)
17,961
(Profit)/loss on disposal of intangible assets
-
1
Operating lease charges
144,000
144,000
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
-
Audit of the financial statements of the company's subsidiaries
25,480
24,880
28,980
24,880
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
7
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
124
117
-
-
Management and administration
46
31
-
-
Total
170
148
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,714,571
5,572,610
-
0
-
0
Social security costs
719,661
572,689
-
-
Pension costs
169,475
143,575
-
0
-
0
7,603,707
6,288,874
-
0
-
0
8
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
612,046
597,427
Company pension contributions to defined contribution schemes
14,450
14,286
626,496
611,713
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
123,341
193,339

The number of directors for whom retirement benefits are accruing under defined benefit contribution schemes amounted to 6 (2022: 6).

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
121
-
10
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
365,338
259,790
Interest on invoice finance arrangements
52,520
18,013
Interest on finance leases and hire purchase contracts
148,099
139,408
Other interest
5,290
5,671
Total finance costs
571,247
422,882
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
456,786
-
0
Adjustments in respect of prior periods
(89,934)
(121,378)
Total current tax
366,852
(121,378)
Deferred tax
Origination and reversal of timing differences
213,000
394,000
Total tax charge
579,852
272,622
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Taxation
(Continued)
- 22 -

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

2023
2022
£
£
Profit before taxation
5,224,456
207,540
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
992,647
39,433
Tax effect of expenses that are not deductible in determining taxable profit
14,194
8,762
Unutilised tax losses carried forward
-
0
145,880
Change in unrecognised deferred tax assets
(1,254)
33,000
Adjustments in respect of prior years
(89,934)
(121,378)
Effect of change in corporation tax rate
50,875
-
Permanent capital allowances in excess of depreciation
-
0
66,053
Depreciation on assets not qualifying for tax allowances
-
0
(190,026)
Other permanent differences
180
294,947
Deferred tax adjustments in respect of prior years
2,271
-
0
Capital gains/(losses)
445,249
(4,049)
Fixed asset differences
(834,376)
-
0
Taxation charge
579,852
272,622
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
2,388,960
1,194,480
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
14,856,139
8,761,332
638,204
144,944
24,400,619
Additions
1,636,443
2,393,618
26,287
226,973
4,283,321
Disposals
(7,342,294)
(971,237)
-
0
(164,486)
(8,478,017)
At 31 March 2023
9,150,288
10,183,713
664,491
207,431
20,205,923
Depreciation and impairment
At 1 April 2022
579,401
1,769,799
287,542
24,450
2,661,192
Depreciation charged in the year
151,950
1,198,888
78,426
48,133
1,477,397
Eliminated in respect of disposals
(542,244)
(258,726)
-
0
(68,846)
(869,816)
At 31 March 2023
189,107
2,709,961
365,968
3,737
3,268,773
Carrying amount
At 31 March 2023
8,961,181
7,473,752
298,523
203,694
16,937,150
At 31 March 2022
14,276,738
6,991,533
350,662
120,494
21,739,427
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
2,030,270
3,103,920
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,008,000
8,008,000
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
8,008,000
Carrying amount
At 31 March 2023
8,008,000
At 31 March 2022
8,008,000
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
X-Cel Superturn Limited
England
Manufacture of precision engineering components
Ordinary
100.00
-
Vector X-Cel Limited
England
Manufacture of precision engineering components and assemblies
Ordinary
0
97.50
X-Cel (GB) Limited
England
Dormant
Ordinary
0
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
5,609,146
2,415,436
-
-
Work in progress
3,955,234
1,466,330
-
-
9,564,380
3,881,766
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,060,815
7,098,135
-
0
-
0
Corporation tax recoverable
90,055
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
42,530
42,530
Other debtors
535,401
357,933
-
0
-
0
Prepayments and accrued income
508,147
363,788
-
0
-
0
12,194,418
7,819,856
42,530
42,530
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
286,781
634,453
-
0
-
0
Obligations under finance leases
21
1,047,932
1,131,586
-
0
-
0
Trade creditors
6,064,870
3,746,187
-
0
-
0
Corporation tax payable
456,786
316,140
-
0
-
0
Other taxation and social security
220,346
145,145
-
-
Other creditors
10,790,262
3,618,590
-
0
-
0
Accruals and deferred income
398,214
84,483
-
0
-
0
19,265,191
9,676,584
-
0
-
0

Within other creditors is an amount of £6,345,063 (2022: £3,473,732) which is secured on the debts of the company.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
4,926,186
9,404,655
-
0
-
0
Obligations under finance leases
21
1,399,104
1,565,916
-
0
-
0
6,325,290
10,970,571
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,446,358
8,655,268
-
-
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
5,212,967
10,039,108
-
0
-
0
Payable within one year
286,781
634,453
-
0
-
0
Payable after one year
4,926,186
9,404,655
-
0
-
0
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
20
Loans and overdrafts
(Continued)
- 26 -

The bank overdraft and loans are secured by a mortgage debenture and legal charge over the company's property and other assets present and future.

 

Outstanding on loan one is £nil (2022: £1,600,553) with an interest rate of 1.80% above Bank of England Base Rate. This loan was fully repaid during the year.

 

Outstanding on loan two is £nil (2022: £1,279,717) with an interest rate of 2.00% above Bank of England Base Rate. This loan was fully repaid during the year.

 

Outstanding on loan three is £nil (2022: £1,092,933) with an interest rate of 2.00% above Bank of England Base Rate. This loan was fully repaid during the year.

 

Outstanding on loan four is £5,212,968 (2022: £6,065,905) with an interest rate of 3.72% above Bank of England Base Rate. This loan is fully repayable within 3 years from the year end.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,047,932
1,131,586
-
0
-
0
In two to five years
1,399,104
1,565,916
-
0
-
0
2,447,036
2,697,502
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance leases and hire purchase contracts are secured on the assets acquired under those agreements.

 

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,763,000
1,550,000
The company has no deferred tax assets or liabilities.
X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
22
Deferred taxation
(Continued)
- 27 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
1,550,000
-
Charge to profit or loss
213,000
-
Liability at 31 March 2023
1,763,000
-

The deferred tax liability set out above is expected to reverse within due course and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
169,475
143,575

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 80p each
9,814,000
9,814,000
7,851,200
7,851,200
Ordinary shares of 10p each
140,000
140,000
14,000
14,000
9,954,000
9,954,000
7,865,200
7,865,200

The Ordinary and Ordinary A shares carry full voting rights, full dividend rights, equal rights to participate in a distribution and are non-redeemable.

The Ordinary and Ordinary A shares carry full voting rights, full dividend rights, equal rights to participate in a distribution and are non-redeemable.

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
545,194
31,650
-
-
Between two and five years
1,987,515
26,848
-
-
In over five years
4,335,589
-
-
-
6,868,298
58,498
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
354,910
-
-
27
Related party transactions

During the year, sales totalling £319,328 (2022: £451,295) and purchases totalling £31,360 (2022: £nil) were made to/from Colson X-Cel Limited, a company under common control. At the year end, £878,489 (2022: £29,139) was due to Colson X-Cel Limited. £71,511 is included in other debtors and £950,000 is included in other creditors.

 

During the year, sales totalling £1,189,156 (2022: £1,097,158) and purchases totalling £1,328,253 (2022: £260,273) were made by X-Cel Superturn Limited to/from Vector X-Cel Limited, a 97.5% owned subsidiary. At the year end, £2,838,234 (2022: £2,284,702) was due from Vector X-Cel Limited. £3,061,616 is included in debtors and £223,382 is included in creditors of X-Cel Superturn.These transactions have been eliminated on consolidation.

 

X-CEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
28
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
4,644,604
(65,082)
Adjustments for:
Taxation charged
579,852
272,622
Finance costs
571,247
422,882
Investment income
(121)
-
0
(Gain)/loss on disposal of tangible fixed assets
(3,453,636)
17,961
Gain on disposal of intangible assets
(1)
-
Depreciation and impairment of tangible fixed assets
1,477,397
1,529,880
Movements in working capital:
Increase in stocks
(5,682,614)
(324,857)
Increase in debtors
(4,284,507)
(978,653)
Increase in creditors
9,879,287
1,005,737
Cash generated from operations
3,731,508
1,880,490
29
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
78,881
2,157,071
2,235,952
Borrowings excluding overdrafts
(10,039,108)
4,826,141
(5,212,967)
Obligations under finance leases
(2,697,502)
250,466
(2,447,036)
(12,657,729)
7,233,678
(5,424,051)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200A 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